SB173
To Amend The Law Concerning Credited Service Under The Arkansas Judicial Retirement System.
Last Action (Jan. 26, 2023): Sine Die adjournment
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AI-Generated Summary
Senate Bill 173 is an act intended to amend current Arkansas law regarding credited service within the Arkansas Judicial Retirement System. The bill serves as a placeholder or framework for modifying how years of service are calculated or credited for members of the judicial retirement plan. As presented in the provided text, the bill establishes the intent to amend these regulations but does not contain the specific technical changes or statutory language defining how credited service will be adjusted. The primary objective is to update the administrative criteria by which judges and related officials accrue retirement benefits.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are current and future members of the Arkansas Judicial Retirement System, including judges, justices, and other eligible court officials, who may see adjustments to how their years of service are recognized for retirement purposes.
Who Might Suffer?
The bill could potentially negatively impact the financial stability or solvency of the Arkansas Judicial Retirement System if the amendments increase retirement liabilities without corresponding funding, which could indirectly impact taxpayers who support the state pension system.
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