HB1338
To Amend The Law Concerning Credited Service Under The Arkansas State Highway Employees' Retirement System.
Last Action (May 5, 2025): Died in House Committee at Sine Die adjournment.
Sponsors
AI-Generated Summary
House Bill 1338 proposes amendments to the statutes governing the Arkansas State Highway Employees' Retirement System (ASHERS). The primary purpose of the legislation is to modify the provisions regarding how 'credited service' is calculated or applied within the retirement system for employees. Credited service typically refers to the time worked by an employee that counts toward retirement eligibility and benefit calculations. By amending these laws, the bill seeks to refine the administrative rules governing pension accrual for state highway workers. As the current bill text is a shell measure, specific mechanical changes to service credit accrual are not detailed in this initial version.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are current and future employees of the Arkansas Department of Transportation who participate in the Arkansas State Highway Employees' Retirement System, as the legislation aims to adjust the rules governing their retirement service credits.
Who Might Suffer?
The primary group potentially negatively impacted would be the Arkansas State Highway Employees' Retirement System pension fund itself, or taxpayers, if the proposed amendments to credited service rules result in an increase in unfunded liabilities or necessitate higher employer contribution rates to maintain the solvency of the retirement fund.
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