SB164
To Amend The Law Concerning Credited Service Under The Arkansas Public Employees' Retirement System.
Last Action (Jan. 26, 2023): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 164 is a legislative proposal intended to amend existing laws regarding credited service within the Arkansas Public Employees' Retirement System (APERS). The bill acts as a vehicle for changes to how public employees accrue or qualify for retirement service credit. As written, the text provides a broad mandate for these amendments without specifying the precise mechanisms or eligibility adjustments at this stage. The primary purpose is to update statutes governing the retirement system for state and local government workers in Arkansas.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries would be current and future members of the Arkansas Public Employees' Retirement System (APERS), including state and local government employees who may see changes to how their service time is credited toward retirement benefits.
Who Might Suffer?
The bill could negatively impact the financial sustainability of the Arkansas Public Employees' Retirement System if the amendments increase the system's long-term liabilities. Additionally, taxpayers or government agencies that contribute to the pension fund might be affected if the changes result in higher employer contribution requirements to cover the credited service.
Get Notified
Receive an email when this bill's status changes.