Bill Summary – FastDemocracy

Stricken language would be deleted from and underlined language would be added to present law.
 1   State of Arkansas
 2   93rd General Assembly                        A Bill
 3   Regular Session, 2021                                                             SENATE BILL 233
 4
 5   By: Senator Rapert
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 7                                     For An Act To Be Entitled
 8                   AN ACT TO AMEND THE LAW CONCERNING THE YEARS OF
 9                   SERVICE REQUIRED FOR VOLUNTARY RETIREMENT AND THE
10                   BENEFIT MULTIPLIER UNDER THE STATE POLICE RETIREMENT
11                   SYSTEM; AND FOR OTHER PURPOSES.
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14                                                 Subtitle
15                           TO AMEND THE LAW CONCERNING THE YEARS OF
16                           SERVICE REQUIRED FOR VOLUNTARY RETIREMENT
17                           AND THE BENEFIT MULTIPLIER UNDER THE
18                           STATE POLICE RETIREMENT SYSTEM.
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21   BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS:
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23          SECTION 1.        Arkansas Code  24-6-226(a), concerning eligibility for
24   benefits and voluntary retirement for Tier I noncontributory members of the
25   State Police Retirement System, is amended to read as follows:
26          (a)(1)       Any member who has acquired five (5) ten (10) years but less
27   than thirty (30) twenty-five (25) years of actual service and has attained
28   age sixty-five (65) years of age may retire upon written application filed
29   with the Board of Trustees of the State Police Retirement System.
30                   (2)     Any member who has acquired five (5) or more years of actual
31   service and has attained age fifty-two (52) years of age may retire upon
32   written application filed with the State Police Retirement System.
33                   (3)     Any member who acquired thirty (30) twenty-five (25) or more
34   years of actual service may retire at any age upon written application filed
35   with the board.
36                   (4)     For those members with less than thirty (30) twenty-five
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                                                                                SB233
 1   (25) actual years of service, the age sixty-five (65) years of age
 2   requirement shall be reduced by one (1) month for every two (2) months of
 3   public safety credit, but in no event to an age younger than fifty-two (52).
 4
 5        SECTION 2.      Arkansas Code  24-6-227(a)(1), concerning benefits for
 6   Tier I noncontributory members of the State Police Retirement System, is
 7   amended to read as follows:
 8        (a)(1)     Upon retirement as provided in this subchapter, a member shall
 9   receive a straight life pension equal to one and fifty-five-hundredths
10   percent (1.55%) one and eighty-six-hundredths percent (1.86%) of his or her
11   final average compensation multiplied by the number of years and any fraction
12   of a year of his or her credited service.
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14        SECTION 3.      Arkansas Code  24-6-404(a), concerning eligibility for
15   benefits and voluntary retirement under the Tier Two Benefit Plan for the
16   State Police Retirement System, is amended to read as follows:
17        (a)(1)     Any member who has acquired five (5) years but less than thirty
18   (30) twenty-five (25) years of credited service and has attained age sixty-
19   five (65) may retire upon his or her written application filed with the Board
20   of Trustees of the State Police Retirement System.
21                 (2)   Any member who has acquired thirty (30) twenty-five (25) or
22   more years of credited service may retire at any age upon his or her written
23   application filed with the board.
24                 (3)   For those members with less than thirty (30) twenty-five
25   (25) credited years of service, the age sixty-five requirement shall be
26   reduced by seventy-five hundredths seventy-five-hundredths (0.75) of a month
27   for each credited month of service, but in no event to an age younger than
28   fifty-five (55) years of age.
29
30        SECTION 4.      Arkansas Code  24-6-406(a)(1), concerning benefits under
31   the Two Benefit Plan for the State Police Retirement System, is amended to
32   read as follows:
33        (a)(1)     Upon retirement as provided in this subchapter, a member shall
34   receive a straight life pension equal to two and four hundred seventy-five
35   thousandths percent (2.475%) two and ninety-seven-hundredths percent (2.97%)
36   of the member's final average compensation multiplied by the number of years
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                                                                                SB233
 1   and any fraction of a year of his or her service.
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Statutes affected: 
SB 233: 24-6-226(a), 24-6-227(a), 24-6-404(a), 24-6-406(a)