Bill > HB1160

This bill amends the Arkansas Teacher Retirement System's law regarding permissive service credit for gap periods, changing several key definitions and provisions. Specifically, the bill redefines "gap year" as a "gap period" of one-quarter (1/4) of a fiscal year during which a member was inactive and either unemployed or not providing qualified service. The bill modifies the requirements for purchasing permissive service credit, allowing teachers to buy credit for gap periods if they have five years of actual service, left and returned to a classroom teaching position, and accrued at least half a year of service credit after returning. The bill limits the purchase of permissive service credit to one-quarter year per gap period, with a maximum of five years total, and requires members to to actuaequivalent of benefits to benefits for each quarter-year of credit purchased. with the credit not becoming until effective until full payment is made.. The bill includes an emergency clause stating the importance of these revisions for the Arkansas Teacher Retirement System, with an effective date of July 1, 2025, to allow for proper administrative implementation and to ensure the system can effectively meet the needs of its members.anticipated by Human the anticipated these updates are crucial for maintaining an's member clarreporting requirements.

Labor and Employment

https://arkleg.state.ar.us/Bills/Detail?id=hb1160&ddBienniumSession=2025%2F2025R