SB136
To Permit A Change Of Retirement Date In The Case Of Certain Members With Service In Both The Arkansas Public Employees' Retirement System And The State Police Retirement System When Retirement From Both Systems Was In Error.
Last Action (May 1, 2023): Sine Die adjournment
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AI-Generated Summary
Senate Bill 136 amends Arkansas law to provide a mechanism for rectifying erroneous retirement filings for specific public employees. It specifically targets non-contributory members who held service in both the Arkansas Public Employees' Retirement System (APERS) and the State Police Retirement System and retired from both simultaneously due to an error when transitioning employment. The bill allows these members to file an affidavit to change their official retirement date to the last date of employment with their most recent employer. It also tasks APERS with creating a formula to manage accrued interest and adjustments for members who received benefits or made contributions during the erroneous period. Applicants must submit the required affidavit within six months of their final retirement date or within six months of the bill’s effective date for those already retired.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are non-contributory public employees, including elected officials, who have served in both the Arkansas Public Employees' Retirement System and the State Police Retirement System and inadvertently triggered an erroneous retirement when switching jobs between these systems.
Who Might Suffer?
There is no group directly or significantly negatively impacted by this legislation, as it serves as a corrective measure for administrative errors in retirement processing. However, administrative staff within the APERS and State Police Retirement systems will face a minor increase in workload to process the affidavits and calculate the required interest adjustments.
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