SB158
To Amend The Law Concerning Credited Service Under The Arkansas Local Police And Fire Retirement System.
Last Action (Jan. 26, 2023): Sine Die adjournment
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AI-Generated Summary
Senate Bill 158 proposes to amend existing Arkansas state law regarding credited service within the Arkansas Local Police and Fire Retirement System (LOPFI). The bill provides a legislative framework for updates to how retirement service credit is calculated or accrued for participating police officers and firefighters. As drafted, the text serves as a placeholder for legislative adjustments to the system's governing statutes. Its primary purpose is to refine the administrative or eligibility criteria for retirement benefits for covered public safety personnel.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are local police officers and firefighters enrolled in the Arkansas Local Police and Fire Retirement System, as they may gain more favorable or clarified terms for how their years of service are credited toward retirement eligibility and benefit calculations.
Who Might Suffer?
The primary entities that could be negatively impacted are local government employers and the LOPFI pension fund itself, as potential adjustments to credited service could increase the financial liabilities, funding requirements, or administrative costs associated with maintaining the retirement system.
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