SB78

Senate Bill 78 amends the Arkansas Judicial Retirement System by modifying the contribution and refund requirements for judges and justices who have forfeited their retirement benefits. Specifically, the bill stipulates that a judge or justice who has forfeited their right to retirement benefits is no longer required to make contributions to the system. Additionally, it authorizes these individuals to receive a refund of the principal amount of their contributions, though they remain ineligible for any accumulated interest. The bill applies these changes to both the standard Arkansas Judicial Retirement System and the Tier Two Actual Judicial Service Benefit Plan. An emergency clause is included, making the act effective on July 1, 2023, to align with the system's fiscal year for administrative and actuarial purposes.