AR HB1348

Beginning July 1, 2022, member contribution rates under the Arkansas Public Employees' Retirement System shall increase by 0.25% per fiscal year for existing contributory members.

The maximum contribution rate for existing members is capped at 7%, preventing increases beyond that threshold.

Beginning July 1, 2022, member contribution rates for persons first hired on or after July 1, 2005, shall also increase by 0.25% per fiscal year with a maximum cap of 7%.

The bill amends Arkansas Code § 24-4-401(b)(1) and § 24-4-1102(a) to implement these incremental contribution rate increases.

Bill was approved on March 15, 2021, as Act 365 of the Regular Session.