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AR SB245
Bill
Status
Failed
4/25/2019
Primary Sponsor
Bart Hester
Click for details
AI Summary
- Establishes different final average compensation calculations for Arkansas Public Employees' Retirement System members based on hire date, effective July 1, 2020
- Members hired before July 1, 2020 use a three-year average of highest annual compensations, calculated as the greatest of two specified formulas involving two completed fiscal years plus either the third highest compensation or months of service in incomplete fiscal year
- Members hired on or after July 1, 2020 use a five-year average of highest annual compensations, calculated as the greater of two specified formulas involving four completed fiscal years plus either the fifth highest compensation or months of service in incomplete fiscal year
- Members with less than the minimum required years of credited service use annual average compensations for their total years of actual service
- Protects average compensation for members whose pay is set by Arkansas Constitution Amendment 70 § 1, ensuring compensation is not less than applicable constitutional pay rates
Legislative Description
Concerning The Definition Of "final Average Compensation" 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