HB1120
An Act For The Arkansas Public Employees Retirement System Appropriation For The 2025-2026 Fiscal Year.
AI-Generated Summary
This bill, House Bill 1120, appropriates funds for the Arkansas Public Employees Retirement System (APERS) for the fiscal year ending June 30, 2026. It outlines specific allocations for personal services, including regular salaries and extra help, as well as operating expenses. The bill details appropriations for various retirement funds managed by APERS, including the Public Employees Retirement Fund, State Police Retirement Fund, and Judicial Retirement Fund. It also includes provisions for transfers between these funds to cover administrative costs, particularly for systems modernization. Additionally, the bill exempts APERS from certain prior review requirements for specific internal fund transfers related to benefit payment methods. The appropriations cover benefits, refunds, reimbursements, maintenance, general operations, professional fees, and data processing services. The bill establishes an emergency clause to ensure its effectiveness from July 1, 2025, citing the necessity for immediate governmental program administration.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are current and future retirees of the Arkansas Public Employees Retirement System, the State Police Retirement System, and the Judicial Retirement System, as the appropriations are for the payment of benefits and reimbursements. APERS employees, including directors, deputy directors, analysts, counselors, and administrative staff, will also benefit through the allocation for regular salaries and extra help. Additionally, vendors and service providers involved in the operations, maintenance, and potential system upgrades for these retirement systems are beneficiaries through the appropriation for operating expenses and professional fees.
Who Might Suffer?
This bill is primarily an appropriation measure and does not appear to directly negatively impact any specific group in a substantial way. However, any fiscal constraints or potential inefficiencies in the management of the appropriated funds could indirectly affect the long-term solvency or benefit levels of the retirement systems. If the transfers from the State Police and Judicial Retirement Funds are not meticulously managed, or if the appropriated amounts prove insufficient for actual operational needs, it could place additional strain on those specific funds. The exemption from prior review for certain transfers, while intended to streamline operations, could also be seen as a potential area where oversight is reduced, though the bill states other provisions will still apply.