The bill amends the law regarding service credit for elected officials participating in the Arkansas Public Employees' Retirement System and the State Police Retirement System. It specifically allows non-contributory members who have service in both retirement systems and have erroneously retired from both due to a change in covered employment to change their retirement date. The member must file an affidavit stating that their retirement was in error, which will enable them to have their retirement date adjusted to their last date of employment with their most recent employer.

Additionally, the bill mandates the Arkansas Public Employees' Retirement System to create a formula for calculating interest accrued for non-contributory members who have made contributions and received retirement benefits from their most recent employment. Members must submit the affidavit within six months of retiring or within six months from the effective date of the act if they have already retired. This legislation aims to rectify situations where members may have been incorrectly retired, ensuring they receive the appropriate service credit and benefits.