The bill modifies retirement eligibility requirements for public safety personnel in Arkansas, including police officers, firefighters, and sheriffs. It establishes a new "normal retirement age" for noncontributory members, allowing for earlier retirement based on years of service. Specifically, the minimum retirement age is set at 65 years, which can be reduced by one month for every two months of credited service, but not below 55 years. Additionally, sheriffs with significant service years may retire as early as 52 years of age. The bill also introduces new criteria for retirement based on the completion of 25 to 27 years of credited service, with specific timelines for eligibility.

Moreover, the bill clarifies definitions related to police officers within the Arkansas State Highway Employees' Retirement System and provides new retirement options for state police officers, including the ability to defer benefits under certain conditions. It revises the eligibility criteria for the Local Police and Fire Deferred Retirement Option Plan to align with the new service year requirements. A significant change is the introduction of a new eligibility criterion stating that members who have completed twenty-five (25) years of service will be eligible to retire if they do so on or after January 1, 2026. This aims to enhance clarity on retirement timelines and streamline the process for eligible members.

Statutes affected:
Old version HB1243 V2 - 2-2-2023 09:29 AM: 24-4-101(28), 24-5-101, 24-5-112(a), 24-5-204(b), 24-6-226(a), 24-6-301, 02-02-2023, 24-6-404(a), 24-6-502, 24-6-401, 24-2-401, 24-10-102(23), 24-10-607(d), 24-10-701(a), 24-10-703(c)
HB 1243: 24-4-101(28), 24-5-101, 24-5-112(a), 24-5-204(b), 24-6-226(a), 24-6-301, 02-02-2023, 24-6-404(a), 24-6-502, 24-6-401, 24-2-401, 24-10-102(23), 24-10-607(d), 24-10-701(a), 24-10-703(c)