HB1334
To Amend The Law Under Title 24, Chapter 4, Subchapter 2 Of The Arkansas Code Regarding Delinquent Employer And Employee Contributions To The Arkansas Public Employees' Retirement System By A Local Government Participating Employer.
AI-Generated Summary
This bill proposes to amend existing Arkansas law concerning delinquent employer and employee contributions to the Arkansas Public Employees' Retirement System (APERS). Specifically, it targets contributions made by local government employers that participate in APERS. The purpose of the act is to address issues related to the delinquency and subsequent collection of these contributions. The bill outlines an amendment to Title 24, Chapter 4, Subchapter 2 of the Arkansas Code. The intent is to improve the process for handling overdue payments from local government entities to the retirement system. This legislative action aims to ensure the financial integrity and operational efficiency of APERS by addressing potential shortfalls caused by delayed contributions.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill would be the Arkansas Public Employees' Retirement System itself, as it aims to improve the collection of delinquent contributions, thereby strengthening its financial stability. Employees and retirees participating in APERS would also indirectly benefit from a more secure and well-funded retirement system. Local government employers who are compliant with contribution requirements may also see benefits from a fairer system that addresses non-compliance by others.
Who Might Suffer?
The groups most directly and negatively impacted by this bill would be local government employers within Arkansas that currently have delinquent employer and employee contributions to the Arkansas Public Employees' Retirement System. These entities could face increased pressure, stricter collection methods, or potential penalties as a result of the amended laws. The specific nature of these negative impacts would depend on the details of the collection and delinquency enforcement mechanisms introduced by the bill, which are not fully elaborated in the provided text.