HB1334
To Amend The Law Under Title 24, Chapter 4, Subchapter 2 Of The Arkansas Code Regarding Delinquent Employer And Employee Contributions To The Arkansas Public Employees' Retirement System By A Local Government Participating Employer.
Last Action (May 5, 2025): Died in House Committee at Sine Die adjournment.
Sponsors
AI-Generated Summary
House Bill 1334 aims to amend existing Arkansas statutes found in Title 24, Chapter 4, Subchapter 2 regarding the Arkansas Public Employees' Retirement System (APERS). The primary purpose of the legislation is to clarify and strengthen the procedures for handling delinquent employer and employee contributions specifically involving local government participating employers. By refining these legal frameworks, the bill seeks to address issues related to the collection and oversight of retirement funds owed to the system. The act focuses on ensuring the financial integrity of the retirement system as it pertains to local municipal and county entities. It does not introduce new tax levies but rather modifies the administrative and regulatory processes for managing arrears.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries are the Arkansas Public Employees' Retirement System (APERS) and its members, including current and retired public employees whose retirement security depends on the timely receipt of contributions. Additionally, the state government benefits from a more robust and efficient mechanism for ensuring the solvency and stability of public pension funds.
Who Might Suffer?
Local government entities that participate in the APERS program could be negatively impacted if they face stricter enforcement, penalties, or collection actions regarding delinquent contributions. Municipalities or counties experiencing budget shortfalls or administrative difficulties may find it more challenging to comply with the updated delinquency protocols prescribed by this act.
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