The bill amends the law regarding the election of distribution options under the Teacher Deferred Retirement Option Plan in Arkansas. It introduces a new provision allowing members to cancel their original election and select a different distribution option, provided they meet specific criteria. These criteria include not having received a lump sum from their plan account, not having previously changed their election, canceling their election before the end of the second full calendar month following their retirement date, submitting a new distribution election form approved by the system, and repaying any amounts they are no longer entitled to due to the change.

Additionally, the bill includes an emergency clause, emphasizing the need for immediate revisions to the Arkansas Teacher Retirement System Act to address administrative complexities and ensure compliance with sound public pension policy. The act is set to take effect on July 1, 2025, aligning with the fiscal year of the Arkansas Teacher Retirement System, and aims to protect member benefits while clarifying reporting and contribution requirements for participating employers.

Statutes affected:
HB 1158: 24-7-1308(b)