Senate Bill 218 Summary

• Amends Arkansas Code § 24-7-1306 to modify deposit calculations for participants with at least 30 years of credited service in the Arkansas Teacher Retirement System, reducing deposits by 1% for each year of credited service including fractions of a year.

• Establishes that participants with 28-30 years of credited service may receive early participation authorization from the Board of Trustees, with plan deposits reduced by an additional 0.5% to 1% for each month of service under 30 years.

• Repeals Arkansas Code § 24-7-1314 (Early participation), consolidating early participation provisions into the amended § 24-7-1306.

• Authorizes the Board of Trustees to make further adjustments to the plan by board resolution to maintain cost-neutrality to the Arkansas Teacher Retirement System.

• Declares an emergency effective date of July 1, 2019, to align implementation with the fiscal year start and ensure proper administration of the retirement system.