Stricken language would be deleted from and underlined language would be added to present law.
1 State of Arkansas As Engrossed: H3/3/21 H3/15/21
2 93rd General Assembly A Bill
3 Regular Session, 2021 HOUSE BILL 1169
4
5 By: Representatives Tollett, Barker, Beaty Jr., Bentley, M. Berry, C. Cooper, Deffenbaugh, Haak,
6 Ladyman, McClure, Scott, Vaught, Wing
7
8 For An Act To Be Entitled
9 AN ACT TO CREATE THE PUBLIC SCHOOL EMPLOYEES HEROES
10 ACT; CONCERNING THE VOLUNTARY RETIREMENT OF ACTIVE
11 MEMBERS OF THE ARKANSAS TEACHER RETIREMENT SYSTEM WHO
12 WERE EMPLOYED BY A COVERED EMPLOYER DURING THE 2020-
13 2021 SCHOOL YEAR; TO DECLARE AN EMERGENCY; AND FOR
14 OTHER PURPOSES.
15
16
17 Subtitle
18 TO CREATE THE PUBLIC SCHOOL EMPLOYEES
19 HEROES ACT; AND TO DECLARE AN EMERGENCY.
20
21
22 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
23
24 SECTION 1. DO NOT CODIFY. Title.
25 This act shall be known and may be cited as the "Public School
26 Employees Heroes Act".
27
28 SECTION 2. Arkansas Code 24-7-702(b)(2), concerning early voluntary
29 retirement under the Arkansas Teacher Retirement System, is amended to add an
30 additional subdivision to read as follows:
31 (C)(i) An active member shall receive the early annuity
32 described in subdivision (b)(C)(ii) of this section in lieu of the annuity in
33 the amount provided under subdivision (b)(2)(A) of this section if the active
34 member:
35 (a) Is an employee of a public school;
36 (b) Has attained a full year of service credit
*JNL121* 03-15-2021 11:03:22 JNL121
As Engrossed: H3/3/21 H3/15/21 HB1169
1 for the 2020-2021 school year;
2 (c) Has a combined total of twenty-seven (27)
3 or more years of actual and reciprocal service, including purchased or free
4 credited service; and
5 (d) Is ineligible for retirement under 24-7-
6 701.
7 (ii) The early annuity received by an active member
8 described in subdivision (b)(C)(i) of this section shall be one hundred
9 percent (100%) reduced by five-twelfths percent (5/12%) multiplied by the
10 number of months by which the time of early retirement precedes the earlier
11 of either completion of twenty-eight (28) years of credited service or
12 attainment of sixty (60) years of age.
13 (iii) The board shall not adjust the early annuity
14 reduction under subdivision (b)(C)(ii) of this section.
15
16 SECTION 3. EMERGENCY CLAUSE. It is found and determined by the
17 General Assembly of the State of Arkansas that the operations of a state
18 public retirement system are complex; that the Arkansas Teacher Retirement
19 System must be able to meet the needs of its members as anticipated by the
20 General Assembly; that certain provisions of the Arkansas Teacher Retirement
21 System Act, 24-7-702, are imminently in need of revision and updating to
22 bring them into conformance with sound public pension policy and actuarial
23 requirements; that such revision and updating is of great importance to
24 members of the Arkansas Teacher Retirement System and to other citizens of
25 the State of Arkansas; that the Arkansas Teacher Retirement System needs to
26 have the ability to make changes to maintain and improve its actuarial status
27 and meet the needs of its members as anticipated by the General Assembly; and
28 that this act is necessary in order to maintain an orderly system of benefits
29 for the members of the Arkansas Teacher Retirement System. Therefore, an
30 emergency is declared to exist, and this act being necessary for the
31 preservation of the public peace, health, and safety shall become effective
32 on July 1, 2021.
33
34 /s/Tollett
35
36
2 03-15-2021 11:03:22 JNL121
Statutes affected: Old version HB1169 V2 - 3-3-2021 10:04 AM: 24-7-702(b)
Old version HB1169 V3 - 3-15-2021 11:04 AM: 24-7-702(b)
HB 1169: 24-7-702(b)
Old version of HB 1169 - 03-03-21: 24-7-702(b)