AR HB1193

Amends the title of the Chief Engineer position on the Board of Trustees to "Chief Engineer — Operations of the Arkansas Department of Transportation" to conform to the actual position.

Restructures survivor benefits for members with five (5) or more years of creditable service to allow surviving spouses to elect annuities computed as if the member had retired on the date of death, with options including Option A annuity, Option B annuity, or lump sum payment.

Allows members with five (5) or more years of creditable service to designate non-spousal beneficiaries who may elect an Option A annuity or receive a lump sum payment of accumulated contributions.

Clarifies that designated beneficiaries of members with less than five (5) years of creditable service receive only accumulated contributions and life insurance proceeds, with no claim to additional state-funded benefits.

Becomes effective July 1, 2023 under an emergency clause to allow implementation on the first day of the fiscal year.