The bill amends and updates the laws regarding survivor annuity benefits under the Arkansas Teacher Retirement System. Key changes include clarifying survivor application deadlines, the eligibility of dependent children for annuities when called to active military duty, and the conditions under which a dependent child of a retiree who returns to work can receive benefits. Specifically, the bill establishes that survivor applications must be filed by the end of the sixth full calendar month following the member's death, and it outlines the process for dependent children to maintain their annuity eligibility during military service.

Additionally, the bill introduces provisions for the calculation of annuities for surviving spouses and dependent children, including adjustments to the maximum amounts payable and the conditions under which benefits can be suspended or reinstated. It also emphasizes the importance of timely application submissions and the potential for extensions granted by the Executive Director of the Arkansas Teacher Retirement System. An emergency clause is included, stating that the act will take effect on July 1, 2023, to ensure a smooth transition and proper administration of the updated provisions.