This bill amends the laws governing service credit for elected officials participating in the Arkansas Public Employees' Retirement System and the State Police Retirement System. It allows non-contributory members, including elected officials, who have established service in both retirement systems and have continuous service in one to file an affidavit if they erroneously retired from both systems due to a change in employment. If the affidavit is filed, the member's retirement date can be adjusted to their last date of employment. Additionally, the Arkansas Public Employees' Retirement System is required to create a formula to calculate interest accrued for members who have made contributions and received retirement benefits.

Furthermore, the bill modifies the provisions related to the Deferred Retirement Option Plan, allowing members to change their selection of retirement annuity one time after their initial election. This change must be requested through an affidavit within six months of retirement or from the effective date of the act if the member has already retired. The bill also specifies that members who change their annuity selection must pay any difference in monetary benefits received within six months of the change becoming effective.

Statutes affected:
SB 79: 24-4-803(b)