This bill amends the Arkansas Code concerning the election to change annuity options within one year of retirement under the Arkansas Teacher Retirement System. It allows retirees who retired on or after July 1, 1994, to cancel their initial annuity election and choose a different option, provided they fulfill specific requirements within one year of retirement. The amendments clarify that the election must be made within one year of retirement, rather than a fixed date, and that the effective date of the new election will be the month following the completion of these requirements. Additionally, the bill specifies that the difference in annuity amounts will be calculated retroactively to the retiree's retirement date.

The bill also includes an emergency clause, stating the need for immediate revisions to the Arkansas Teacher Retirement System to address administrative complexities and ensure compliance with sound public pension policy. It emphasizes the importance of these updates for the protection of member benefits and the proper administration of the system. The act is set to become effective on July 1, 2025, aligning with the fiscal year of the Arkansas Teacher Retirement System.

Statutes affected:
HB 1161: 24-7-706(e)