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AR HB1158
Bill
Status
2/27/2025
Primary Sponsor
Mark Perry
Click for details
AI Summary
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Allows Arkansas Teacher Retirement System members to cancel and change their original distribution option election under the Deferred Retirement Option Plan (DROP) if they meet specific conditions
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Members may only change their election if they did not initially elect a lump sum through an IRS-eligible rollover transaction and have not previously changed their election
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Election changes must be filed before the end of the second full calendar month following the member's effective retirement date
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Members who change their election must repay any amounts they are no longer entitled to have received as a result of the change
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Declared an emergency measure with an effective date of July 1, 2025, to align with the Arkansas Teacher Retirement System's fiscal year
Legislative Description
To Amend The Law Concerning The Election Of A Distribution Option Under The Teacher Deferred Retirement Option Plan; And To Declare An Emergency.
Last Action
Correctly enrolled and ordered transmitted to the Governor's Office.
4/10/2025