HB1336
To Amend The Survivors' Benefit Options Under The State Police Retirement System; And To Amend The Provisions Concerning The Tier Two Deferred Retirement Option Plan Under The State Police Retirement System.
AI-Generated Summary
This bill proposes amendments to the Arkansas State Police Retirement System. Primarily, it modifies the Tier Two Deferred Retirement Option Plan by increasing the percentage of monthly retirement benefits that are paid into the plan from 72% to 100% of what would have been payable upon service retirement. Additionally, the bill adjusts the fees for obtaining copies of motor vehicle accident reports and traffic violation records. The fee for a basic accident report copy will increase from $10.00 to $25.00, except for individuals involved in the accident who will still pay $10.00. Supplemental report copies will remain $1.50 per page. Collected fees will be distributed, with $10.00 per copy allocated for operations of the Division of Arkansas State Police. The remaining $15.00 of the basic accident report fee will be specifically allocated to fund the State Police Retirement System, including benefits under specific sections related to survivor benefits and the deferred retirement option plan. The bill includes an emergency clause, stating its necessity for maintaining sound public pension policy and protecting member benefits, with an effective date of July 1, 2025, to align with the fiscal year.
Potential Impact Analysis
Who Might Benefit?
The primary beneficiaries of this bill are current and future members of the Arkansas State Police Retirement System, particularly those participating in the Tier Two Deferred Retirement Option Plan. By increasing the contribution percentage to this plan, the bill aims to enhance the retirement benefits and financial security of these law enforcement officers. Additionally, the Division of Arkansas State Police would benefit from the increased allocation of funds towards its operations, stemming from the higher fees charged for accident reports. The bill also directly supports the financial health and sustainability of the State Police Retirement System itself, ensuring it can continue to provide benefits to its members.
Who Might Suffer?
The entities most directly negatively impacted by this bill are the members of the public and entities seeking copies of motor vehicle accident reports. The fee for a basic accident report copy will increase significantly from $10.00 to $25.00 for most requesters. While individuals involved in an accident will continue to pay the lower rate, others such as insurance companies, legal representatives, or researchers will face a higher cost for these documents. This increased fee could deter access to these records or impose a greater financial burden on those who need them for various purposes.