SB177
To Amend The Law Concerning Credited Service Under Local Police And Fire Pension And Relief Funds.
Last Action (Jan. 26, 2023): Sine Die adjournment
Sponsors
AI-Generated Summary
Senate Bill 177 is a piece of legislation in Arkansas intended to amend existing laws regarding credited service for local police and fire pension and relief funds. The bill serves as a vehicle to adjust the regulatory framework governing how time served is calculated and applied toward retirement benefits for these public safety employees. As currently drafted, the text functions as an enabling act to modify the specific statutes governing these pension funds. It does not provide specific numerical or procedural changes within this initial text, indicating that further amendments or administrative details will follow. The primary goal is to standardize or refine the recognition of service periods for police and fire department personnel within local retirement systems.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are local police officers and firefighters enrolled in local pension and relief funds, as they are the individuals whose credited service determines their retirement benefits. Additionally, local government entities may benefit from clarified regulations that assist in the management and administration of their respective pension relief funds.
Who Might Suffer?
The primary groups that could be negatively impacted include local government taxpayers or municipalities, should the amendments result in increased pension obligations or unfunded liabilities for local relief funds. Additionally, if the bill imposes stricter administrative requirements, those tasked with managing pension fund records may face increased compliance burdens.
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