This bill amends the law regarding retirement benefits in Arkansas, specifically addressing the forfeiture of benefits for members, retirants, or beneficiaries who have been convicted of certain offenses. It introduces new definitions, including "benefit," "member," "public office," "public trust crime," and "retirant," to clarify the terms used in the context of retirement systems. The bill stipulates that a member or retirant forfeits their right to benefit payments if they plead guilty or are found guilty of a public trust crime while holding public office. Additionally, it outlines the conditions under which a beneficiary may also forfeit their benefits, including similar convictions related to public trust crimes.

The bill also details the process for refunding employee contributions to members or retirants who have forfeited their benefits, specifying that these contributions, along with interest, must be refunded either to the individual or their estate. It establishes that if a member, retirant, or beneficiary appeals their conviction, benefit payments will be suspended until the appeal is resolved. Furthermore, the bill clarifies that it does not apply retroactively and will only affect members who begin making contributions after the bill's effective date.

Statutes affected:
Old version SB151 V2 - 3-31-2025 11:06 AM: 24-1-301
Old version SB151 Original - 3-18-2025 10:00 AM: 24-1-301
SB 151: 24-1-301