The 92nd General Assembly closed its 2019 session with a few changes to Arkansas Retirement Law. Most concern only small portions of APERS’ membership, but a couple are more far reaching. This is a brief rundown of the most important:
Employer-sponsored retirement plans generally fall into two broad categories. APERS operates what is known as a “defined benefits” pension plan whereas most private retirement plans are “defined contribution” plans. The basic difference is what each plan promises its participants.
Annually we receive the highest number of retirement applications for members who want to retire effective July 1. During the final week for filing a July application, we are offering extended visitor hours to assist members with the retirement essentials.
At retirement, APERS members can choose between five different benefit options, or ways to structure their retirement benefits (not including PAW or DROP). They are Straight Life, A-120, A-60, B-75, and B-50. Learn the features of each at our blog!