AR HB1202

Removes the minimum 1.75% floor and maximum 2.15% ceiling on the special contributory multiplier rate for the first ten years of service, replacing it with a requirement that the first ten-year rate cannot exceed the subsequent years rate by more than 1.75% or fall below it by more than 2.15%

Modifies the special noncontributory multiplier rate for the first ten years of service to establish a range of 0.5% less than to 1.25% more than the rate for subsequent years of service

Allows the Board of Trustees to increase the multiplier rate earned in the first ten years to the standard multiplier rate for contributory service for all or part of those years after a member earns ten years of credited service

Declares an emergency effective date of July 1, 2023, to align with the Arkansas Teacher Retirement System's fiscal year and ensure proper administration and actuarial compliance