This bill amends various retirement eligibility requirements for public safety members, including police officers, firefighters, and sheriffs, under the Arkansas Local Police and Fire Retirement System, the Arkansas Public Employees' Retirement System, and the State Police Retirement System. Key changes include the adjustment of the "normal retirement age" for noncontributory members with credited service, which is now defined as sixty-five years of age reduced by one month for every two months of credited service, but not younger than fifty-five years. Additionally, for public safety members and sheriffs, the retirement age can be as low as fifty-two years with specific service conditions, and a new provision allows retirement upon completion of twenty-six years of credited service regardless of age.

The bill also introduces new definitions and clarifications regarding the roles of police officers within the Arkansas State Highway Employees' Retirement System and modifies the requirements for voluntary retirement across various systems. Notably, the minimum years of credited service required for certain retirement benefits has been reduced from twenty-eight to twenty-six years in multiple sections. This includes changes to the eligibility for the Deferred Retirement Option Plan and adjustments to the annuity calculations for members retiring due to disability. Overall, the bill aims to streamline and enhance retirement options for public safety personnel in Arkansas.

Statutes affected:
HB 1262: 24-4-101(28), 24-4-508(a), 24-5-101, 24-5-112(a), 24-5-204(b), 24-6-226(a), 24-6-301, 24-6-404(a), 24-6-502(1), 24-10-102(23), 24-10-607(d), 24-10-701(a), 24-10-703(c)