The bill amends the Arkansas Public Employees' Retirement System 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 the retirement system is unable to make a payment 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. The responsibility for maintaining accurate contact information is placed on the individuals themselves.

Additionally, the bill establishes a limitation period for correcting errors in the retirement system's records, covering the fiscal year and the following four years. It allows for the recovery of overpayments if identified within this timeframe, while overpayments discovered beyond this period can only be recouped in cases of intentional nondisclosure, fraud, misrepresentation, or gross negligence. The bill also includes procedures for adjusting annuity amounts in cases of overpayment or underpayment, ensuring that all parties are notified and can appeal decisions. An emergency clause is included, allowing the act to take effect immediately upon approval by the Governor, emphasizing the urgency of these changes for the effective management of benefits within the retirement systems.