The bill amends the provisions regarding credited service under the Arkansas Public Employees' Retirement System (APERS) to allow members who have previously participated in an alternate retirement plan to receive service credit for that time. Specifically, it introduces a new subsection that permits members to count each year of employment under the alternate retirement plan towards meeting eligibility requirements for a monthly retirement benefit, provided they did not vest in the alternate plan and did not withdraw contributions or receive payments during that period.

To ensure that service credit is granted, the bill stipulates that members must provide documentation from both the covered employer and the alternate retirement plan to verify their eligibility. Additionally, the Executive Director of APERS must confirm that sufficient documentation is provided and that all other requirements are met before crediting service from the alternate retirement plan. This change aims to enhance the retirement benefits for members transitioning from alternate plans to the APERS.

Statutes affected:
HB 1325: 24-4-901