This bill amends the Arkansas Local Police and Fire Retirement System and related pension and relief funds by changing the age at which members can begin receiving fund distributions. Specifically, it replaces the previous requirement that distributions begin when a participant "becomes seventy-two (72) years of age" with a new provision stating that distributions will begin when a participant "attains the applicable age." The bill establishes specific applicable ages for participants who reach seventy-two or seventy-four years of age after certain dates, with those reaching seventy-two after December 31, 2022, and before January 1, 2033, having an applicable age of seventy-three, and those reaching seventy-four after December 31, 2032, having an applicable age of seventy-five.

The amendments apply to various sections of the Arkansas Code, including provisions for the Local Police and Fire Deferred Retirement Option Plan, qualified municipal firemen's relief and pension fund plans, and the Arkansas Police Officers and Fire Fighters Deferred Retirement Option Plans. The bill aims to ensure compliance with the Internal Revenue Code while providing clarity on the age requirements for fund distributions, thereby potentially impacting the financial planning of current and future members of these retirement systems.

Statutes affected:
Old version HB1111 V2 - 1-26-2023 09:14 AM: 24-10-706(d), 24-11-210(f), 24-11-434(f), 24-11-830(f)
HB 1111: 24-10-706(d), 24-11-210(f), 24-11-434(f), 24-11-830(f)
Act 44: 24-10-706(d), 24-11-210(f), 24-11-434(f), 24-11-830(f)