AR SB237

Allows current or former Arkansas General Assembly members who later join the Arkansas Judicial Retirement System to purchase service credit for their legislative service.

Requires purchasers to be active system members, provide proof of General Assembly service and compensation, and make a one-time lump sum payment covering all member contributions, employer contributions based on normal cost from the most recent actuarial valuation, and regular interest computed from service date to payment date.

Permits members to purchase all General Assembly service credit at once or in increments of one year or more.

Amends Arkansas Code § 24-8-709 to specify that benefits under the judicial retirement system are based on actual service in the system and service credit purchased under the new provisions.

Creates identical purchase provisions in both Subchapter 2 (§ 24-8-229) and Subchapter 7 (§ 24-8-718) of the Arkansas Judicial Retirement System statutes.