This bill amends the retirement eligibility requirements for various public retirement systems in Arkansas, specifically targeting police officers, firefighters, public safety members, and sheriffs. It modifies the definition of "normal retirement age" for noncontributory members with credited service as public safety employees or sheriffs under the Arkansas Public Employees' Retirement System. The new language establishes that the normal retirement age is sixty-five years, reduced by one month for every two months of credited service, but not younger than fifty-five years. Additionally, it provides specific retirement age criteria for sheriffs with varying years of service.

Furthermore, the bill introduces a tiered retirement age structure based on the number of credited service years completed. Members who retire after December 31, 2025, and before January 1, 2027, can retire at age fifty-two with twenty-seven years of service; those retiring after December 31, 2026, and before January 1, 2028, can retire at age fifty-two with twenty-six years of service; and members retiring on or after January 1, 2028, can retire at age fifty-two with twenty-five years of service. This structured approach aims to provide more flexible retirement options for public safety employees while ensuring that the retirement system remains sustainable.

Statutes affected:
HB 1188: 24-1-101(29)