SB157
To Amend The Law Concerning Benefits Under The Arkansas Local Police And Fire Retirement System.
Last Action (Jan. 26, 2023): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 157 is an act introduced in the 94th Arkansas General Assembly aimed at amending the laws governing benefits provided through the Arkansas Local Police and Fire Retirement System (LOPFI). The bill acts as a legislative vehicle to modify existing statutes related to the retirement, disability, or survivor benefits administered under this system. The text provided is a placeholder or introductory version that authorizes the General Assembly to revise the framework of the retirement program. It serves to initiate the formal process for changing how benefits are calculated, qualified for, or distributed to members of the local police and fire departments within the state.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill would be the members of the Arkansas Local Police and Fire Retirement System, including active and retired police officers and firefighters, as well as their designated beneficiaries and survivors who may see changes to their pension, disability, or retirement benefit structures.
Who Might Suffer?
The groups most directly and potentially negatively impacted would be the local municipal governments and fire/police departments that contribute to the retirement system, as amendments to benefits often result in increased employer contribution requirements or changes to budgetary obligations to ensure the system remains fully funded.
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