2021 ASPRS LEGISLATION UPDATE
Note: To view the legislative update for the Arkansas Public Employees’ Retirement System, click here. There were no legislative changes for the Arkansas Judicial Retirement System.
The 93rd General Assembly enacted laws concerning provisions of the State Police Retirement System that affect your participation in or benefits from the system. Below is information about those laws.
Summary of Laws
- Act 280 – Eligibility for Tier Two DROP
- Act 415 – Board of Trustees, Employer Contributions, and Benefits
Act 280 – Eligibility for Tier Two DROP
Current Provision: Tier two participants must have thirty (30) years of actual service as a member of ASPRS to be eligible to participate in the Deferred Retirement Option Plan (DROP).
New Provision: The law was updated to clarify that service credit from a reciprocal retirement system can be used to meet the 30-year actual service requirement.
Act 415 – Board of Trustees, Employer Contributions, and Benefits
Current Provision: Below are the current provisions for components impacted by this law.
|
Component |
Description |
|
1. Board of Trustees |
One active member enrolled in Tier I |
| 2. Employer Contributions |
22% |
| 3. Eligibility for Benefits - Tier I |
Thirty (30) years of actual service |
|
4. Multiplier - Tier I |
1.55% |
|
5. Election to Participate in DROP - Tier I |
Thirty (30) years of credited service |
|
6. Eligibility for Benefits - Tier II |
Thirty (30) years of credited service |
|
7. Multiplier - Tier II |
2.475% |
|
8. Election to Participate in DROP - Tier II |
Thirty (30) years of actual service |
New Provision: Below are the new provisions for components impacted by this law.
|
Component |
Description |
|
1. Board of Trustees |
One active or retired member enrolled in Tier I |
| 2. Employer Contributions |
26% |
| 3. Eligibility for Benefits - Tier I |
Twenty-eight (28) years of actual service |
|
4. Multiplier - Tier I |
1.66% |
|
5. Election to Participate in DROP - Tier I |
Twenty-eight (28) years of credited service |
| 6. Eligibility for Benefits - Tier II |
Twenty-eight (28) years of credited service |
| 7. Multiplier - Tier II |
2.65% |
|
8. Election to Participate in DROP - Tier II |
Twenty-eight (28) years of actual service |
Legislation Questions
If you have a general question about legislation, please submit your question through the contact page on our website. If you have a specific question about legislation regarding your individual member account, please send us a secure message in the member self-service (MSS) portal.
