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AR HB1188
Bill
Status
2/21/2023
Primary Sponsor
Andrew Collins
Click for details
AI Summary
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Amends Arkansas Code § 24-7-736(c)(2)(A) to require full and partial service years be used in calculating final average salary in accordance with board-promulgated rules.
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Modifies Arkansas Code § 24-7-736(c)(4)(D) to replace terminology with "anti-spiking amount" and "anti-spiking percentage" and exempts partial service years and fiscal years immediately following partial service years from anti-spiking calculations.
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Authorizes the Board of Trustees to adjust final average salary by board resolution with anti-spiking percentage set between 105% and 120% per year and anti-spiking amount set between $1,250 and $5,000 per year.
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Declares an emergency to allow the act to become effective July 1, 2023, coinciding with the Arkansas Teacher Retirement System's fiscal year start date.
Legislative Description
To Amend And Update The Law Concerning The Final Average Salary Under The Arkansas Teacher Retirement System; And To Declare An Emergency.
Last Action
Notification that HB1188 is now Act 104
2/21/2023