HB1139 Summary

• Establishes a maximum of 79 regular employees and 6 temporary/part-time employees for the Arkansas Public Employees Retirement System for fiscal year 2023-2024, with salary grades ranging from SE04 (Director) to GS03 (Administrative Specialist II).

• Appropriates $138,309,068 from the Arkansas Public Employees' Retirement System Fund for personal services and operating expenses, including $4,476,868 in regular salaries, $1,582,227 in personal services matching, $2,107,473 in operating expenses, and $2,000,000 in professional fees.

• Appropriates $725,000,000 in cash funds for benefit payments ($675,000,000) and refunds/reimbursements ($50,000,000) to retirement system beneficiaries.

• Appropriates funds for State Police Retirement System ($30,285,950 operations plus $32,500,000 cash) and Judicial Retirement System ($8,652,879 operations plus $21,000,000 cash) administration and benefits.

• Authorizes transfers not to exceed $150,000 from the Judicial Retirement Fund, $250,000 from the State Police Retirement Fund, and $50,000 each from State Police and Judicial Retirement Funds for pension administration system implementation costs.