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AR SB233
Bill
Status
1/27/2021
Primary Sponsor
Jason Rapert
Click for details
AI Summary
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Reduces years of service requirement for Tier I State Police Retirement System members from 10 to 5 years for retirement at age 65, and from 30 to 25 years for retirement at any age.
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Increases Tier I benefit multiplier from 1.55% to 1.86% of final average compensation per year of credited service.
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Reduces years of credited service requirement for Tier Two Benefit Plan members from 30 to 25 years for retirement at any age.
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Increases Tier Two benefit multiplier from 2.475% to 2.97% of final average compensation per year of credited service.
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Maintains minimum age requirements of 52 for Tier I members and 55 for Tier Two members with less than 25 years of service, with reductions available based on public safety credit.
Legislative Description
To Amend The Law Concerning The Years Of Service Required For Voluntary Retirement And The Benefit Multiplier Under The State Police Retirement System.
Last Action
Sine Die adjournment
10/15/2021