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AR SB243

Bill

Official Source

Status

Failed

4/25/2019

Primary Sponsor

Bart Hester

Click for details

Origin

Senate

92nd General Assembly (2019 Regular)

AI Summary

  • Creates two separate benefit calculation schedules based on hire date for Arkansas Public Employees' Retirement System members
  • Members hired before July 1, 2020 retain existing benefit multipliers: 2.03% for service before July 1, 2007, 2% for service after June 30, 2007, and an additional 0.5% for service exceeding 28 years after July 1, 2009
  • Members hired on or after July 1, 2020 receive a reduced benefit multiplier of 1.8% of final average compensation for each year of contributory service
  • Applies benefit multipliers to final average compensation multiplied by years and fractions of years of service

Legislative Description

To Amend The Law Concerning Member Benefits And The Benefit Multiplier Under The Arkansas Public Employees' Retirement System.

Last Action

Sine Die adjournment

4/25/2019

Committee Referrals

Public Retirement & Social Security Programs2/4/2019

Full Bill Text

No bill text available