The bill amends existing laws regarding service credit for elected officials participating in the Arkansas Public Employees' Retirement System and the State Police Retirement System. It introduces a new provision allowing 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 any accrued interest for members who have made contributions and received retirement benefits.

Furthermore, the bill modifies the rules surrounding the selection of retirement annuities under the Deferred Retirement Option Plan. It allows members to change their selection of retirement annuity one time after their initial election, provided they submit an affidavit within six months of retirement or from the effective date of the act. The bill also clarifies that members must pay any difference in monetary benefits resulting from the change in their retirement annuity selection within six months after the change becomes effective.

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