The bill amends the Arkansas Public Employees' Retirement System by updating the definition of "participating public employer" to include the Arkansas Development Finance Authority. This addition is intended to clarify the entities that are recognized as participating in the retirement system.

Additionally, the bill modifies the membership composition of the Board of Trustees of the Arkansas Public Employees' Retirement System. It introduces two new positions on the board: the Secretary of the Department of Shared Administrative Services and the Bank Commissioner, thereby expanding the representation within the board to include these key officials.

Statutes affected:
Old version SB160 V2 - 3-31-2025 10:40 AM: 24-4-101(30), 24-4-104(b)
Act 589: 24-4-101(30), 24-4-104(b)