SB175
To Amend The Law Concerning The Contributions Of Members 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 175 is an act to amend existing Arkansas law regarding the contributions made by members to various state retirement systems and public employee retirement plans. The bill serves as a legislative vehicle to address contribution protocols for these pension systems. The text provided is a placeholder or enabling act, identifying the intention to modify contribution laws without detailing the specific rate changes or structural modifications at this stage. It formalizes the intent of the 94th General Assembly to update the statutes governing state-managed retirement accounts.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries would be the state retirement systems themselves and potentially the state government, as adjusting contribution rates can be used to improve the actuarial soundness and long-term financial viability of these pension funds.
Who Might Suffer?
Public employees who are members of these retirement systems could be negatively impacted if the proposed amendments result in increased payroll deduction requirements for their retirement contributions, thereby reducing their take-home pay.
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