The bill amends the Arkansas Teacher Retirement System's provisions regarding the lump-sum death benefit, clarifying eligibility and administration for active members, T-DROP participants, and retired members. It specifies that if a member with five or more years of actual service dies, a lump-sum death benefit of up to $10,000 will be paid to designated beneficiaries. The bill also establishes that if a member accrues a minimum of ten years of actual contributory service, they will receive the maximum lump-sum death benefit as determined by the Board of Trustees. Additionally, it outlines the distribution of benefits among multiple beneficiaries and stipulates that if no designated beneficiaries survive, the benefit will go to the member's estate.

The bill includes several insertions and deletions to update the language and clarify the eligibility criteria for receiving the lump-sum death benefit. Notably, it removes outdated references to specific dates and service requirements while introducing new provisions that ensure the benefit is administered in accordance with sound public pension policy. An emergency clause is included, stating that the act is necessary for the preservation of public peace, health, and safety, and it will take effect on July 1, 2023, to align with the fiscal year of the Arkansas Teacher Retirement System.