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 conditions for sheriffs with a minimum of ten years of service or eight years plus two years in another state-supported retirement system, allowing them to retire at fifty-two years of age.

Furthermore, the bill introduces a tiered retirement age based on years of credited service for members who retire after specified dates. Members with twenty-seven years of credited service can retire between December 31, 2025, and January 1, 2027; those with twenty-six years can retire between December 31, 2026, and January 1, 2028; and members with twenty-five years can retire on January 1, 2028, or later. 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)