This bill amends the Arkansas Public Employees' Retirement System (APERS) and the State Police Retirement System by requiring members, retirees, and designated beneficiaries to file and regularly 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 after five years of notification, the owed amount will be forfeited to the system's trust assets. Additionally, the bill establishes a limitation period for actions to enforce rights or change records, enhancing the operational efficiency of the retirement systems.

Moreover, the bill modifies existing provisions related to correcting errors in annuity calculations and payments, setting a limitation period for recovering overpayments. Recoupment is only permitted if the error is identified and the recipient is notified within this timeframe. Adjustments to annuity amounts must be communicated in writing, and appeals will be managed through administrative hearings. The executive director is granted discretion to resolve errors fairly and may waive certain impacts if the error is not due to intentional misconduct. An emergency clause is included, allowing the act to take effect immediately upon approval by the Governor, emphasizing the urgency of these changes for effective management of benefits within the retirement systems.