The bill amends existing laws regarding the transfer of funds for the administration of the Arkansas Judicial Retirement System and the State Police Retirement System. It specifies that the Judges Retirement Fund will be used for the benefit of retirants, investment purposes, and the costs of administering the Arkansas Judicial Retirement System. Additionally, it mandates that funds be transferred from both the Judges Retirement Fund and the State Police Retirement Fund to the Arkansas Public Employees' Retirement System for the administration and management of their respective retirement systems.

Furthermore, the bill introduces a new section that outlines the process for annual transfers starting July 1, 2027, from both retirement funds to the Arkansas Public Employees' Retirement System. These transfers will be based on a calculated percentage of the total administrative costs, using a weighted average of the retirement systems' total invested assets and membership. The Chief Fiscal Officer of the State will oversee the transfer requests, which will also involve the Treasurer of State and the Auditor of State. This legislative change aims to streamline the funding process for the administration of these retirement systems.

Statutes affected:
HB 1210: 19-5-914(c), 19-5-917(c), 24-8-204(c)
Act 130: 19-5-914(c), 19-5-917(c), 24-8-204(c)