Bill > SB79

This bill addresses two main provisions related to retirement systems in Arkansas. First, it allows noncontributory members, including elected officials, who have service in both the Arkansas Public Employees' Retirement System (APERS) and the State Police Retirement System and have erroneously retired from both systems during an employment change, to file an affidavit to correct their retirement date. Members must submit this affidavit within six months of retiring or from the bill's effective date, and APERS will calculate any accrued interest based on contributions and benefits received. Second, the bill modifies the Deferred Retirement Option Plan (DROP) by permitting members to change their retirement annuity selection one time after their initial election, subject to specific conditions. To make this change, members must submit an affidavit within six months of retiring or from the bill's effective date and pay a lump sum to cover any difference in monetary benefits between their initial and subsequent retirement annuity selections. These changes aim to provide more flexibility for public employees navigating retirement system transitions and selections.

Labor and Employment

https://arkleg.state.ar.us/Bills/Detail?id=sb79&ddBienniumSession=2025%2F2025R