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 specific types of recurring remuneration, such as career service recognition payments, lump-sum payments, and bonuses, while also establishing limits on the amounts considered for retirement benefits. Notably, it introduces new provisions regarding lump-sum payments under Arkansas Code 21-5-227 and bonus payments under 21-5-228, while deleting references to certain repealed sections.

Additionally, the bill repeals Arkansas Code 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 also amends Arkansas Code 24-4-520(d) to clarify that a member or former member who fails to meet termination requirements will forfeit their benefits until those requirements are satisfied, and it reaffirms that a member's retirement election is not revoked by failing 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)