HB1306
To Amend The Law Concerning The Membership Of The Boards Of Trustees Of Various Public Retirement Systems.
Last Action (Jan. 26, 2023): WITHDRAWN BY AUTHOR
Sponsors
AI-Generated Summary
House Bill 1306 amends the composition of the Boards of Trustees for three major Arkansas public retirement systems: the Arkansas Public Employees' Retirement System (APERS), the Arkansas State Highway Employees' Retirement System, and the Arkansas Teacher Retirement System. Specifically, the bill replaces the State Treasurer as an ex officio member on these boards with a person possessing a background in banking, who is to be appointed by the Attorney General. The legislation also codifies the six-year term of office for these new Attorney General-appointed members and outlines the procedures for filling any vacancies in those positions. Additionally, the bill provides updated guidelines for the Governor to declare and fill vacancies on the APERS board regarding state and nonstate employee trustees who retire or leave employment. These changes are intended to adjust the oversight and administrative structure of these retirement systems.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries include the Attorney General, who gains new appointment authority over board positions, and the individuals with banking backgrounds who will be appointed to serve as trustees. The retirement systems themselves may also benefit from the intended addition of specialized financial expertise to the boards responsible for managing pension assets.
Who Might Suffer?
The primary entity negatively impacted is the Office of the Treasurer of State, which loses its ex officio membership and its role in the oversight of these retirement system boards. Additionally, current board members and administrative processes associated with the previous structure may experience disruption or a loss of influence as the composition of the boards is altered.
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