Stricken language would be deleted from and underlined language would be added to present law.
Act 458 of the Regular Session
1 State of Arkansas As Engrossed: S3/16/23
2 94th General Assembly A Bill
3 Regular Session, 2023 SENATE BILL 135
4
5 By: Senator Crowell
6 By: Representative Jean
7
8 For An Act To Be Entitled
9 RETIREMENT SYSTEM; TO AMEND THE LAW CONCERNING THE
10 DURATION OF PARTICIPATION IN THE LOCAL POLICE AND
11 FIRE DEFERRED RETIREMENT OPTION PLAN; TO DECLARE AN
12 EMERGENCY; AND FOR OTHER PURPOSES.
13
14
15 Subtitle
16 TO AMEND THE LAW CONCERNING THE DURATION
17 OF PARTICIPATION IN THE LOCAL POLICE AND
18 FIRE DEFERRED RETIREMENT OPTION PLAN; AND
19 TO DECLARE AN EMERGENCY.
20
21
22 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
23
24 SECTION 1. Arkansas Code § 24-10-706(a), concerning the duration of
25 participation in the Local Police and Fire Deferred Retirement Option Plan
26 for active paid service police officers and firefighters, is amended to read
27 as follows:
28 (a) The duration of participation in the Local Police and Fire
29 Deferred Retirement Option Plan for active paid service police officers and
30 firefighters shall not exceed seven (7) ten (10) years.
31
32 SECTION 2. EMERGENCY CLAUSE. It is found and determined by the
33 General Assembly of the State of Arkansas that the operations of a state
34 public retirement system are complex; that the Arkansas Local Police and Fire
35 Retirement System must be able to meet the needs of its members as
36 anticipated by the General Assembly; that the maximum duration of
*LHR114* 03-16-2023 09:18:24 LHR114
 As Engrossed: S3/16/23 SB135
1 participation in the Local Police and Fire Deferred Retirement Option Plan
2 should be increased to account for the needs of the membership of the
3 Arkansas Local Police and Fire Retirement System; that the update of the
4 maximum duration of time to be spent in the Local Police and Fire Deferred
5 Retirement Option Plan from seven (7) to ten (10) years is of great
6 importance to members of the Arkansas Local Police and Fire Retirement System
7 and to other citizens of the State of Arkansas; that this update to the Local
8 Police and Fire Deferred Retirement Option Plan is of great importance for
9 actuarial purposes and for the improvement and protection of member benefits
10 under the Arkansas Local Police and Fire Retirement System; and that this
11 effective date is necessary in order to maintain an orderly system of
12 benefits for the participants of the Local Police and Fire Deferred
13 Retirement Option Plan. Therefore, an emergency is declared to exist, and
14 this act being necessary for the preservation of the public peace, health,
15 and safety shall become effective on April 1, 2023.
16
17 /s/Crowell
18
19
20 APPROVED: 4/4/23
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
2 03-16-2023 09:18:24 LHR114


Statutes affected:
Old version SB135 V2 - 3-16-2023 09:18 AM: 24-10-706(a)
SB 135: 24-10-706(a)
Act 458: 24-10-706(a)