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AR HB1304

AR HB1304
To Set A Limitation Period For The Correction Of Errors Under The Arkansas Public Employees' Retirement System And The State Police Retirement System.


summary

Introduced
01/29/2025
In Committee
01/29/2025
Crossed Over
Passed
Dead
05/05/2025

Introduced Session

Potential new amendment
95th General Assembly (2025 Regular)

Bill Summary

AN ACT TO AMEND PROVISIONS REGARDING MEMBER, RETIREE, AND DESIGNATED BENEFICIARY CONTACT INFORMATION UNDER THE ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM; TO SET A LIMITATION PERIOD FOR THE CORRECTION OF ERRORS UNDER THE ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE STATE POLICE RETIREMENT SYSTEM; AND FOR OTHER PURPOSES.

AI Summary

This bill amends the Arkansas Public Employees' Retirement System (APERS) and State Police Retirement System to establish new rules about contact information and error correction. The bill requires members, retirees, and beneficiaries to file and maintain accurate contact information with their retirement system, including physical addresses, phone numbers, email addresses, and bank information. If the system cannot make a payment to a member within five years due to undeliverable correspondence, any owed amount will be forfeited to the system's trust assets. The bill also creates a five-year "limitation period" for correcting errors in system records, during which the system can recover overpayments or adjust payment amounts. The executive director of each system is given discretion to resolve errors fairly, considering factors like the degree of fault, potential hardship, and public interest, while ensuring that corrections do not substantially impact the system's actuarial soundness or conflict with federal tax regulations. The bill includes an emergency clause, indicating its immediate importance for maintaining the efficiency and clarity of retirement systems, and will become effective upon gubernatorial approval or other specified conditions.

Committee Categories

Labor and Employment

Sponsors (2)

Last Action

Died in House Committee at Sine Die adjournment. (on 05/05/2025)

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