The Arkansas Teacher Retirement Systems General Omnibus Act aims to modernize and clarify various provisions related to the Arkansas Teacher Retirement System (ATRS). Key updates include the replacement of outdated terminology, such as changing "retirant" to "retiree," and the introduction of new definitions like "benefit enhancement" and "employment with a covered employer." The bill enhances benefits for retirees and beneficiaries, allowing the Board of Trustees to adjust benefit levels based on changes affecting active members. It also revises eligibility criteria for disability retirement and modifies application processes for retirement benefits, including deadlines and conditions for cancellation.

Additionally, the bill proposes changes to the governance structure of the ATRS Board of Trustees, ensuring that retiree trustees are current members receiving annuities. It clarifies restrictions on trustees and employees regarding interests in board investments and prohibits the use of system assets for personal gain. The legislation also establishes guidelines for calculating monthly annuities and introduces a one-time ad hoc increase in benefits for eligible retirees, survivors, and beneficiaries. An emergency clause is included, making the act effective on July 1, 2023, to ensure timely implementation of these updates.

Statutes affected:
Old version HB1201 Original - 1-23-2023 04:22 PM: 21-5-411(a), 24-2-302(3), 24-2-401(3), 24-2-401(4), 24-2-402(g), 24-2-402(k), 24-4-901(a), 24-4-901(b), 24-4-901(d), 24-7-202(7), 24-7-202(14), 24-7-202(19), 24-7-202(21), 24-7-202(28), 24-7-202(32), 24-7-202, 24-7-207, 24-7-301(4), 24-7-302(a), 24-7-305(b), 24-7-403(b), 24-7-408, 24-7-501(a), 24-7-502(a), 24-7-601(e), 24-7-601(g), 24-7-602(c), 24-7-701(a), 24-7-701(e), 24-7-702(a), 24-7-702(f), 24-7-704(a), 24-7-704(b), 24-7-706(a), 24-7-707(d), 24-7-707(e), 24-7-709, 24-7-734, 24-7-710(a), 24-7-710(b), 24-7-713(a), 24-7-713(d), 24-7-714, 24-7-705, 24-7-727(a), 24-7-727(b), 24-7-728, 24-7-705(a), 24-7-730(a), 24-7-733(a), 24-7-735(c), 24-7-738(b), 24-7-1302(c)
Old version HB1201 V2 - 2-7-2023 09:20 AM: 21-5-411(a), 24-2-302(3), 24-2-401(3), 24-2-401(4), 24-2-402(g), 24-2-402(k), 24-4-901(a), 02-07-2023, 24-4-901(b), 24-4-901(d), 24-7-202(6), 24-7-202(7), 24-7-202(14), 24-7-202(19), 24-7-202(21), 24-7-202(28), 24-7-202(32), 24-7-202, 24-7-207, 24-7-301(4), 24-7-302(a), 24-7-305(b), 24-7-403(b), 24-7-408, 24-7-501(a), 24-7-502(a), 24-7-601(e), 24-7-601(g), 24-7-602(c), 24-7-701(a), 24-7-701(e), 24-7-702(a), 24-7-702(f), 24-7-704(a), 24-7-704(b), 24-7-706(a), 24-7-707(d), 24-7-707(e), 24-7-709, 24-7-734, 24-7-710(a), 24-7-710(b), 24-7-713(a), 24-7-713(d), 24-7-714, 24-7-705, 24-7-727(a), 24-7-727(b), 24-7-728, 24-7-705(a), 24-7-730(a), 24-7-733(a), 24-7-735(c), 24-7-738(b), 24-7-1302(c)
HB 1201: 21-5-411(a), 24-2-302(3), 24-2-401(3), 24-2-401(4), 24-2-402(g), 24-2-402(k), 24-4-901(a), 02-07-2023, 24-4-901(b), 24-4-901(d), 24-7-202(6), 24-7-202(7), 24-7-202(14), 24-7-202(19), 24-7-202(21), 24-7-202(28), 24-7-202(32), 24-7-202, 24-7-207, 24-7-301(4), 24-7-302(a), 24-7-305(b), 24-7-403(b), 24-7-408, 24-7-501(a), 24-7-502(a), 24-7-601(e), 24-7-601(g), 24-7-602(c), 24-7-701(a), 24-7-701(e), 24-7-702(a), 24-7-702(f), 24-7-704(a), 24-7-704(b), 24-7-706(a), 24-7-707(d), 24-7-707(e), 24-7-709, 24-7-734, 24-7-710(a), 24-7-710(b), 24-7-713(a), 24-7-713(d), 24-7-714, 24-7-705, 24-7-727(a), 24-7-727(b), 24-7-728, 24-7-705(a), 24-7-730(a), 24-7-733(a), 24-7-735(c), 24-7-738(b), 24-7-1302(c)
Act 107: 21-5-411(a), 24-2-302(3), 24-2-401(3), 24-2-401(4), 24-2-402(g), 24-2-402(k), 24-4-901(a), 02-07-2023, 24-4-901(b), 24-4-901(d), 24-7-202(6), 24-7-202(7), 24-7-202(14), 24-7-202(19), 24-7-202(21), 24-7-202(28), 24-7-202(32), 24-7-202, 24-7-207, 24-7-301(4), 24-7-302(a), 24-7-305(b), 24-7-403(b), 24-7-408, 24-7-501(a), 24-7-502(a), 24-7-601(e), 24-7-601(g), 24-7-602(c), 24-7-701(a), 24-7-701(e), 24-7-702(a), 24-7-702(f), 24-7-704(a), 24-7-704(b), 24-7-706(a), 24-7-707(d), 24-7-707(e), 24-7-709, 24-7-734, 24-7-710(a), 24-7-710(b), 24-7-713(a), 24-7-713(d), 24-7-714, 24-7-705, 24-7-727(a), 24-7-727(b), 24-7-728, 24-7-705(a), 24-7-730(a), 24-7-733(a), 24-7-735(c), 24-7-738(b), 24-7-1302(c)