SB131
To Amend The Law Concerning Return Of Member Contributions Under The Arkansas Local Police And Fire Retirement System.
Last Action (May 1, 2023): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 131 is an act designed to modify the existing statutes governing the Arkansas Local Police and Fire Retirement System (LOPFI). Specifically, the bill aims to revise the legal framework concerning the process for the return of member contributions within the retirement system. The legislation serves as an administrative update to the retirement system's policies. It does not introduce new tax codes or criminal justice reforms but focuses solely on internal retirement fund management. The bill establishes the legislative intent to clarify or change how contributions are returned to members when applicable.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are the members of the Arkansas Local Police and Fire Retirement System, including active police officers and firefighters, as well as their beneficiaries who may receive returned contributions based on updated system regulations.
Who Might Suffer?
The bill could negatively impact the financial stability of the Arkansas Local Police and Fire Retirement System if the changes to the return of contributions result in increased liabilities or decreased fund assets. Additionally, administrative entities responsible for managing the pension system may face increased operational burdens during the implementation of these legislative changes.
Get Notified
Receive an email when this bill's status changes.