AR SB103

Amends Arkansas Code § 24-5-202(a)(4) to modify contribution requirements for members of the Arkansas State Highway Employees' Deferred Retirement Option Plan beginning July 1, 2021.

Employees hired before July 1, 2021 cease employee contributions to the Retirement System upon entering the deferred retirement option plan.

Employees hired after June 30, 2021 must remit member contributions equal to the current active employee contribution rate upon beginning participation in the plan.

The state shall continue remitting employer contributions equal to the active employee rate as prescribed in § 24-5-109 for all plan participants beginning July 1, 2021.

Employees hired before July 1, 2021 participating in the plan for more than five years contribute 6% of gross salary; employees hired after June 30, 2021 contribute the current active member contribution rate as prescribed in § 24-5-108.

Declared an emergency effective July 1, 2021 to bring the retirement system into conformance with sound public pension policy.