This bill amends the Arkansas Code regarding the duration of participation in the Local Police and Fire Deferred Retirement Option Plan for active paid service police officers and firefighters. Specifically, it increases the maximum duration of participation from seven years to ten years. This change is intended to better meet the needs of the members of the Arkansas Local Police and Fire Retirement System.

Additionally, the bill includes an emergency clause, stating that the adjustments to the retirement plan are crucial for the actuarial purposes and the enhancement of member benefits. The act is deemed necessary for the preservation of public peace, health, and safety, and is set to take effect on April 1, 2023.

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)