HB1337
To Amend The Law Concerning Credited Service Under Local Police And Fire Pension And Relief Funds.
AI-Generated Summary
This bill proposes to amend existing Arkansas law regarding credited service under local police and fire pension and relief funds. The primary purpose, as stated in the bill, is to make changes to how credited service is calculated or recognized for these specific retirement systems. The bill does not specify the exact nature of the amendments to credited service. Further details on the specific changes to the law are not provided in the text. The bill's title and subtitle clearly indicate its focus on local police and fire pension and relief funds. The purpose section reiterates this focus on amending the law concerning credited service. The bill is in its early stages, as indicated by the bill number and legislative session. The text provided is a placeholder for the actual legislative language. Therefore, the specific implications of the amendments are not yet discernible from this excerpt.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill, should it become law, would be members of local police and fire pension and relief funds in Arkansas. Specifically, individuals who are currently contributing to or eligible for these pension plans may see changes in how their years of service are recognized. This could potentially lead to altered pension payouts or eligibility criteria depending on the specific amendments made to the credited service rules.
Who Might Suffer?
The groups most directly and negatively impacted by this bill, should it become law, are likely to be the pension and relief funds themselves, and potentially individual fund members whose credited service calculations are adversely affected. If the amendments lead to increased liabilities for the funds without corresponding increases in funding, it could create financial strain. Conversely, if the changes reduce the credited service for some members, those individuals might receive lower pension benefits than anticipated.