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 within one year of their retirement. The bill specifies that retirees must fulfill certain requirements, including filing a new election form and repaying the difference between the annuity amounts, plus interest, calculated from their retirement date. The election to change can only be made once and will take effect the month following the completion of these requirements.

Additionally, the bill includes an emergency clause, emphasizing the need for immediate revisions to the Arkansas Teacher Retirement System to address administrative complexities and ensure compliance with public pension policy. The act is set to become effective on July 1, 2025, aligning with the fiscal year of the retirement system, to facilitate proper administration and protect member benefits.

Statutes affected:
HB 1161: 24-7-706(e)
Act 228: 24-7-706(e)