HB1345
To Amend The Law Concerning Credited Service Under The State Police Retirement System.
AI-Generated Summary
This bill proposes to amend the law regarding credited service within the State Police Retirement System. The purpose of the act is explicitly stated as amending this specific aspect of the retirement system. No specific changes to the law are detailed in the provided text. The bill is titled "AN ACT TO AMEND THE LAW CONCERNING CREDITED SERVICE UNDER THE STATE POLICE RETIREMENT SYSTEM; AND FOR OTHER PURPOSES." The provided text focuses solely on the title and the stated purpose of the amendment. Further details regarding the nature of the amendment to credited service are not present. The bill is sponsored by Representative Warren and Senator J. Dotson. It is a House Bill designated as HB 1345 for the 95th General Assembly Regular Session in 2025.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill, if enacted, would be current and future members of the Arkansas State Police Retirement System. Any changes to the calculation or accrual of credited service could potentially increase retirement benefits or shorten the time required to attain full retirement for these individuals. This could also indirectly benefit the families of state police officers who rely on these retirement benefits.
Who Might Suffer?
The provided text does not contain sufficient information to definitively identify groups that would be negatively impacted. However, if the amendment to credited service involves increased contributions or a reduction in benefits for certain individuals, then specific groups within the State Police Retirement System could be negatively affected. Furthermore, any potential increase in the long-term liabilities of the retirement system could indirectly impact the financial health of the state or taxpayers, though this is speculative without knowing the specifics of the amendment.