AR SB127

Updates the definition of "compensation" to clarify that it means recurring remuneration paid to a member by a participating public employer for personal services rendered in a covered position.

Modifies the definition of "contributory member" to change the contribution rate language from a specific percentage to "a percentage" of compensation, allowing for rate adjustments.

Clarifies the definition of "final average compensation" to specify it is calculated based on the member's highest annual compensations during any three (3) years of credited service with a public employer.

Amends exceptions to the prohibition against subjection of annuity rights to legal processes by adding employer setoff rights for embezzlement or fraud claims and allowing courts to order monthly benefit payments into court registry for child support enforcement.

Declares an emergency effective date of July 1, 2023, to align with the retirement system's fiscal year and allow orderly implementation of the revisions for actuarial and administrative purposes.