HB1200

House Bill 1200 amends statutes governing the Arkansas Teacher Retirement System (ATRS) to modify eligibility for service credits. The bill expands the eligibility for federal and military service credits by changing language from 'active member' to 'member,' thereby allowing inactive members to purchase or receive certain service credits. It updates requirements for converting noncontributory credited service to contributory credited service by making these options available to all members rather than only those currently active. The bill includes an emergency clause, establishing an effective date of July 1, 2023, to align with the start of the system's fiscal year. The primary objective is to clarify and modernize retirement system provisions to better serve members and align with actuarial standards.