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AR HB1161
Bill
Status
2/27/2025
Primary Sponsor
Kendra Moore
Click for details
AI Summary
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Retirees who retired on or after July 1, 1994 may cancel their original annuity election and choose a different option within one year of retirement by filing a new election form and repaying the difference between amounts received plus interest
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Removes outdated deadline language referencing "within one (1) year after July 1, 1995" since that timeframe has long passed
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Changes when the election becomes effective from retroactive to the original annuity date to the month following completion of all requirements
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Limits retirees to making this annuity option change only one time
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Declared an emergency measure effective July 1, 2025 to align with the Arkansas Teacher Retirement System's fiscal year and allow for orderly administration
Legislative Description
To Clarify The Law Concerning An Election To Change Annuity Options Within One Year Of Retirement Under The Arkansas Teacher Retirement System; And To Declare An Emergency.
Last Action
Notification that HB1161 is now Act 228
2/27/2025