AR HB1319

Modifies Arkansas Code § 24-7-601(e)(4) to clarify that final average salary calculations use the Arkansas Teacher Retirement System or any reciprocal system in which a member has at least two (2) years of service credit, whichever provides the highest final average salary.

Preserves the requirement under § 24-7-601(e)(5) that when a reciprocal system has fewer years of service credit than required by Arkansas Teacher Retirement System's formula, combined salary and service credit information from both systems shall be used to calculate final average salary.

Amends § 24-7-601(g)(3) to allow members to waive concurrent service credit and retire under a reciprocal system, with employer and employee accrued contributions attributable to concurrent service eligible for refund to both the employer and member.

Declares an emergency clause, citing conflicts in law concerning concurrent service that create risk to member benefits and require immediate revision to conform with sound public pension policy and actuarial requirements.

Effective upon Governor's approval, expiration of veto period without action, or veto override by the legislature.