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AR SB106
Bill
Status
2/25/2021
Primary Sponsor
Bill Sample
Click for details
AI Summary
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Members beginning participation in the Arkansas State Highway Employees' Deferred Retirement Option Plan after June 30, 2021, are ineligible to receive healthcare cost offset amounts in their initial annuity.
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Members who began participation before July 1, 2021, remain eligible to receive healthcare cost offset amounts if they cease participation in the plan, terminate employment with the Arkansas Department of Transportation, and begin receiving annuity payments.
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Members beginning participation after June 30, 2021, become eligible for healthcare cost offset amounts only if they cease participation in the plan, terminate employment, and begin receiving annuity payments.
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The bill declares an emergency and becomes effective on July 1, 2021, to align the system's operations with sound public pension policy and allow implementation on the first day of the fiscal year.
Legislative Description
To Amend The Law Concerning Eligibility To Receive Increased Benefits, The Healthcare Offset, And Deferred Option Accounts Under The Arkansas State Highway Employees' Retirement System; And To Declare An Emergency.
Last Action
Notification that SB106 is now Act 150
2/25/2021