The bill amends the Arkansas Public Employees' Retirement System (APERS) and the State Police Retirement System by introducing a requirement for members, retirees, and designated beneficiaries to file and update their contact information, including physical addresses, phone numbers, email addresses, and bank information. If a payment cannot be made due to a lack of response from the member or beneficiary within five years of the last correspondence, the owed amount will be forfeited to the system's trust assets. Additionally, the bill establishes a limitation period for initiating actions to enforce rights or change records, enhancing the operational effectiveness of both retirement systems.

Moreover, the bill revises the process for correcting errors in annuity calculations and payments, allowing the board to recover overpayments if notified within a defined limitation period, while stipulating that overpayments identified beyond this period cannot be recouped unless due to intentional nondisclosure or fraud. It also outlines procedures for addressing underpayments and adjustments to annuity amounts, requiring written notification of any changes. An emergency clause is included, indicating that the act will take effect immediately upon approval by the Governor, emphasizing the urgency of these revisions for the efficient management of benefits within the retirement systems.