SB165
To Amend The Law Concerning Age And Years Of Service Requirements Under The Various State Retirement Systems And Arkansas Public Employee Retirement Plans.
Last Action (Jan. 26, 2023): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 165 proposes amendments to the existing statutes governing age and years of service requirements for various state retirement systems and public employee retirement plans in Arkansas. The bill serves as a legislative vehicle to modify the eligibility criteria for these retirement programs. While the specific threshold changes are not detailed in the provided text, the intent is to update how state employees qualify for retirement benefits based on their age and tenure of service. The bill aims to standardize or adjust these requirements across the state's retirement infrastructure.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill would be current and future state public employees, as the legislation directly impacts the retirement eligibility criteria that determine when and how they may access their pension or retirement benefits.
Who Might Suffer?
The groups most directly and negatively impacted would be state taxpayers and the state government's budgetary offices, as changes to retirement eligibility requirements can alter the long-term fiscal obligations and funding requirements of state-managed pension plans. Depending on how the requirements are adjusted, current employees may also be negatively impacted if the changes delay their ability to retire or reduce the total years of service credit recognized for retirement eligibility.
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