The bill aims to make technical corrections and clarify language for the proper administration of benefits under the Arkansas Public Employees Retirement System. It amends the definition of "compensation" to include additional forms of recurring remuneration, specifically lump-sum payments under new sections 21-5-227 and 21-5-228, while deleting references to repealed sections 21-5-219. The bill also clarifies that the maximum amount of bonus or lump-sum payments considered as compensation during a member's last year of employment is limited to the lesser of five percent of the current year's salary or the amount received in the previous year.

Additionally, the bill repeals sections 24-4-110 and 24-4-111, which pertained to the commencement of annuity payments and the implications of failing to meet termination requirements. It further amends section 24-4-520(d) to specify that a member or former member who fails to meet termination requirements will forfeit their benefits until those requirements are satisfied, while also ensuring that a member's retirement election remains valid despite any failure to meet these requirements.

Statutes affected:
HB 1211: 24-4-101(12), 24-4-110, 24-4-111, 24-4-520(d)
Act 131: 24-4-101(12), 24-4-110, 24-4-111, 24-4-520(d)