AR SB240

Retired members of the Arkansas Local Police and Fire Retirement System may return to employment with a different covered employer if they have been retired for at least 180 days and waive rights to any benefit accrual.

Retirants returning to employment are not required to make member contributions during their period of reemployment.

Employers must report to the system within 10 calendar days when a retirant becomes an employee, and the Board of Trustees may assess penalties for failure to comply with reporting requirements.

Employers of returning retirants must pay employer contributions to the system, which are not eligible for premium tax revenue funding.

The act is effective January 1, 2020, and applies to members who elect to participate in or retire from the Local Police and Fire Deferred Retirement Option Plan on or after that date.