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, the payment amount will be forfeited to the system's trust assets. Additionally, the bill establishes a limitation period for initiating actions to enforce obligations or change records, as well as for correcting errors in the retirement systems' records, including provisions for handling overpayments and underpayments.

Moreover, the bill allows the board to recover overpayments if identified and notified within the limitation period, while recovery beyond this period is only possible in cases of intentional nondisclosure or fraud. It also outlines the process for adjusting annuity amounts and the rights of individuals to appeal decisions regarding these adjustments. An emergency clause is included to expedite the implementation of these changes, which are deemed essential for maintaining an orderly benefits system. The act will take effect immediately upon the Governor's approval or after the expiration of the veto period if not acted upon.