The bill amends the law regarding the retirement benefits of mayors in cities of the first class in Arkansas. It clarifies that mayors are entitled to count their previous or subsequent years of service as an elected official or employee of the same city towards their retirement benefits. Specifically, the bill allows for the accumulation of retirement credit at a rate of one year for every two years served, with varying maximum credits based on the mayor's age and years of service. The previous restrictions that disallowed service covered under another retirement plan from counting towards the mayor's retirement benefits have been removed.

Additionally, the bill introduces a new provision stating that a mayor who receives retirement benefits from the city under this section will not be eligible for retirement benefits based on the same service period from any other state-authorized retirement plan. This aims to ensure that mayors do not receive double benefits for the same period of service.

Statutes affected:
Old version HB1203 Original - 1-23-2023 04:33 PM: 24-12-123(a)
Old version HB1203 V2 - 3-28-2023 10:17 AM: 24-12-123(a), 24-12-123
HB 1203: 24-12-123(a), 24-12-123
Act 496: 24-12-123(a), 24-12-123