HB1346
To Amend The Law Concerning Credited Service Under The Arkansas Public Employees' Retirement System.
Last Action (May 5, 2025): Died in House Committee at Sine Die adjournment.
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AI-Generated Summary
House Bill 1346 is a legislative proposal introduced in the 95th General Assembly of Arkansas to amend existing laws governing credited service within the Arkansas Public Employees' Retirement System (APERS). The bill explicitly states its purpose is to refine the legal framework regarding how credited service is calculated or managed for public employees participating in the retirement system. The text provided is a placeholder draft that establishes the intent to modify current statutes but does not outline specific technical changes, formulas, or eligibility criteria at this stage. Further legislative action would be required to detail the exact amendments to the retirement system's operations.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill would be the Arkansas Public Employees' Retirement System (APERS) and the participants enrolled in the system, including current and retired public employees. By clarifying or adjusting the rules for credited service, the bill aims to improve the administration of retirement benefits, potentially providing more stability or equitable calculations for covered government workers.
Who Might Suffer?
The primary entity potentially negatively impacted would be the Arkansas state budget or the APERS fund itself, depending on whether the proposed amendments to credited service increase the financial liabilities of the retirement system. Additionally, if the amendments result in a reduction of credited service time for certain participants, individual public employees who have accrued or expected to accrue retirement service credit under the current rules could be negatively impacted.
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