HB1346
To Amend The Law Concerning Credited Service Under The Arkansas Public Employees' Retirement System.
AI-Generated Summary
This bill, House Bill 1346, proposes to amend existing law regarding "credited service" within the Arkansas Public Employees' Retirement System (APPERS). The primary stated purpose of the act is to modify the rules and regulations associated with how employees accrue and are credited for their years of service for retirement purposes. The specific details of these amendments are not provided in the excerpt, as the text only indicates that stricken language will be deleted and underlined language will be added to present law. The bill aims to update the legal framework governing the calculation and recognition of service time for APPERS members. Further details on the nature of the amendments would be found in the full text of the bill.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill, if enacted as intended, would be members of the Arkansas Public Employees' Retirement System. Depending on the specific amendments made to the law concerning credited service, current and future retirees could benefit from changes that potentially increase their credited service, leading to higher retirement benefits or earlier retirement eligibility. Employees of state and local government agencies participating in APPERS are the core group affected by alterations to retirement system rules.
Who Might Suffer?
The potential negative impacts of this bill are not explicitly stated in the provided text, as the actual content of the amendments is missing. However, if the amendments to credited service involve restrictions or reductions in how service is calculated or recognized, then current and future APPERS members could be negatively impacted. This could lead to lower retirement benefits than anticipated or require longer service periods to achieve full retirement. Additionally, the financial solvency of the Arkansas Public Employees' Retirement System itself could be indirectly impacted by changes in credited service rules, depending on the fiscal implications of the amendments.