The bill amends the Arkansas Public Employees' Retirement System to create an enhanced multiplier for certain law enforcement members. Specifically, it introduces a new provision that allows members who retire as certified law enforcement officers to receive a straight life annuity enhancement starting July 1, 2024. This enhancement is calculated at 0.25% of the member's average compensation for each year of credited service as a certified law enforcement officer, with specific eligibility requirements including proof of training and certification. Notably, any credited service earned before July 1, 2024, will not qualify for this enhanced credit.

Additionally, the bill stipulates that members who qualify for the enhanced credit will be required to contribute an extra 1.25% of their annual compensation for the years they qualify. This change aims to provide better retirement benefits for law enforcement personnel, recognizing their service and the unique demands of their profession.

Statutes affected:
Old version SB179 Original - 1-26-2023 04:27 PM: 24-4-601
Old version SB179 V2 - 3-28-2023 09:43 AM: 24-4-601
SB 179: 24-4-601