SB156
To Amend The Law Concerning Credited Service Under The Arkansas Local Police And Fire Retirement System.
Last Action (May 5, 2025): Died in Senate Committee at Sine Die adjournment.
Sponsors
AI-Generated Summary
Senate Bill 156 of the 95th Arkansas General Assembly is a legislative act intended to modify existing statutes regarding credited service within the Arkansas Local Police and Fire Retirement System (LOPFI). The bill serves as a vehicle to adjust the rules or calculations governing how service time is counted for retirement benefits for local law enforcement officers and firefighters. The text currently provided is a summary-level placeholder that declares the intent to amend these laws but does not specify the precise technical changes to the retirement formulas or eligibility requirements. The act aims to clarify or update the administrative framework of the retirement system for participating local public safety agencies.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are members of the Arkansas Local Police and Fire Retirement System, which includes active local police officers and firefighters. Additionally, local government entities that participate in the LOPFI system may benefit from clearer regulatory standards regarding credited service.
Who Might Suffer?
The bill may negatively impact local government budgets if the amendments to credited service result in increased pension liabilities or higher required employer contribution rates. Additionally, if the bill imposes stricter eligibility requirements for service credit, individual members of the retirement system who do not meet the new criteria could be negatively affected.
Get Notified
Receive an email when this bill's status changes.