HB1338
To Amend The Law Concerning Credited Service Under The Arkansas State Highway Employees' Retirement System.
AI-Generated Summary
This bill proposes to amend existing Arkansas law regarding credited service within the Arkansas State Highway Employees' Retirement System. The primary purpose of the act is to alter the rules and regulations pertaining to how credited service is calculated and awarded to members of this retirement system. The bill itself, as presented, only contains the title and a statement of purpose. The specific details of these amendments, including what changes are being made to the calculation or awarding of credited service, are not provided in this excerpt. Therefore, the precise nature of the changes to credited service remains undefined in this text. The bill aims to update or modify these provisions for the benefit of the retirement system's administration or its members. Further legislative text would be required to understand the full scope and implications of these amendments.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill, if enacted, would be members of the Arkansas State Highway Employees' Retirement System. Depending on the specific nature of the amendments, current and future employees of the Arkansas Highway system who are participants in this retirement plan could see changes in how their service is recognized for retirement purposes. This could potentially lead to increased or altered retirement benefits for these individuals, or it could impact the longevity of their service contributions. The retirement system itself may also benefit from clearer or updated regulations regarding credited service.
Who Might Suffer?
Without the specific details of the amendments to the credited service rules, it is difficult to definitively identify those who would be negatively impacted. However, if the amendments were to restrict or reduce the ways in which credited service can be earned or recognized, then current and future members of the Arkansas State Highway Employees' Retirement System could be negatively affected. This could result in potentially lower retirement benefits than anticipated or a longer period of service required to reach a certain benefit level. Conversely, if the bill leads to increased costs or unfunded liabilities for the retirement system, taxpayers or future state budgets could theoretically bear a burden, though this is speculative without further information.