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 aims to clarify the entities that are involved in the retirement system, ensuring that the Arkansas Development Finance Authority is recognized as a participating employer.

Additionally, the bill modifies the membership composition of the Board of Trustees of the Arkansas Public Employees' Retirement System. It introduces two new positions: the Secretary of the Department of Shared Administrative Services and the Bank Commissioner, thereby expanding the board's representation and oversight capabilities. These changes are intended to enhance the governance and administration of the retirement system.

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)