AR HB1169

Creates the "Public School Employees Heroes Act" to allow early voluntary retirement for Arkansas Teacher Retirement System members employed by public schools during the 2020-2021 school year.

Eligible members must have at least one full year of service credit for the 2020-2021 school year, a combined total of 27 or more years of actual and reciprocal service, and be ineligible for regular retirement under § 24-7-701.

Early annuity is calculated at 100% reduced by 5/12% multiplied by the number of months the retirement precedes either 28 years of credited service or age 60, whichever is earlier.

Board is prohibited from adjusting the early annuity reduction formula under this provision.

Effective date is July 1, 2021, with an emergency clause citing the need to update Arkansas Teacher Retirement System provisions to maintain actuarial soundness.