AR HB1260

Increases member contributions to the Arkansas Local Police and Fire Retirement System effective July 1, 2023: covered members from 8.5% to 9.5% of pay, and paid service members from 2.5% to 3.5% of pay.

Increases annuity benefit rates for Benefit Program 1 effective July 1, 2023: positions not covered by Social Security from 2.94% to 3% per year of service, and positions covered by Social Security from 1.94% to 2% per year of service.

Increases annuity benefit rates for Benefit Program 2 effective July 1, 2023: positions covered by Social Security from 2.94% to 3%, positions not covered by Social Security from 3.28% to 3.34% for service after election date, and from 1.94% to 2% and 2.94% to 3% respectively for service before election date.

Declares an emergency to make the act effective July 1, 2023, citing the need for structured administration, actuarial compliance, and maintenance of an orderly benefit system for retirement system members.