AR HB1347

Applies annual cost-of-living adjustments to retirement benefits for employees hired on or after July 1, 2022, by system-covered employers under the Arkansas Public Employees' Retirement System.

Annual benefit redetermination increases the monthly benefit by the lesser of 3% or the percentage change in the Consumer Price Index for Urban Wage Earners and Clerical Workers over the one-year period ending in December.

Prevents benefit reductions by requiring that redetermined monthly benefits cannot be less than the amount paid in the preceding year.

Amends both Arkansas Code § 24-4-607 and § 24-4-1107 to add identical redetermination provisions for different retirement system sections.

Approved March 15, 2021.