SB179
To Create An Enhanced Multiplier For Certain Law Enforcement Members Of The Arkansas Public Employees' Retirement System.
Last Action (May 1, 2023): Sine Die adjournment
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AI-Generated Summary
Senate Bill 179 amends the Arkansas Public Employees' Retirement System (APERS) to provide an enhanced retirement annuity multiplier for certain certified law enforcement officers. Beginning July 1, 2024, eligible law enforcement members will receive an additional 0.25% multiplier for their average compensation for each year of service rendered as a certified officer, provided they meet specific training standards. This enhancement only applies to credited service earned on or after July 1, 2024. To fund this enhancement, participating members are required to pay an additional 1.25% contribution of their annual compensation. The bill establishes requirements for documenting eligibility through payroll authorities to ensure compliance with the new benefit structure.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are certified law enforcement officers who are members of the Arkansas Public Employees' Retirement System (APERS). These individuals will receive an increased retirement annuity multiplier, potentially leading to higher monthly retirement payments for those who serve in a certified capacity after the July 1, 2024, effective date.
Who Might Suffer?
The primary group negatively impacted are the participating law enforcement officers themselves, who will see a reduction in their take-home pay due to the mandatory additional 1.25% contribution to the retirement system. Additionally, the Arkansas Public Employees' Retirement System (APERS) fund may face long-term fiscal liabilities if the cost of the enhanced benefits exceeds the revenue generated by the 1.25% employee contribution increase.
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