AR HB1350

Amends Arkansas Code § 24-6-502(1)(B) to clarify that eligibility for the State Police Officers' Tier Two Deferred Retirement Option Plan requires at least 30 years of actual service, including service credit earned after April 3, 1997, and service credit from reciprocal retirement systems.

Repeals Arkansas Code § 24-6-503, which previously defined "actual service" as including only service credit earned after April 3, 1997, and service credit from reciprocal retirement systems.

Declares an emergency to allow the act to become effective on July 1, 2021, the first day of the State Police Retirement System's fiscal year, to ensure proper administration and maintain actuarial soundness of the retirement plan.

Applies to the State Police Retirement System, a state retirement plan administered by the Arkansas Public Employees' Retirement System that provides retirement benefits to state police officers.