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 who have established service in both retirement systems and have continuous service in one to change their retirement date if they erroneously retired from both systems due to a change in employment. To facilitate this, the member can file an affidavit stating that their retirement was in error, which will enable them to adjust their retirement date to their last day of employment. Additionally, the Arkansas Public Employees' Retirement System is tasked with creating a formula to calculate any accrued interest for members who have made contributions and received retirement benefits.

Furthermore, the bill modifies the provisions related to the Deferred Retirement Option Plan (DROP) under the Arkansas Public Employees' Retirement System. It clarifies that members can 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 if they have already retired. The bill also specifies 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)