Retiree system pares list of legislative packages
Packages aimed at reducing unfunded liabilities
By Michael R. Wickline
The trustees for the Arkansas Public Employees Retirement System on Tuesday whittled down the system's potential legislative packages aimed at reducing its unfunded liabilities in the 2021 regular session.
The system's actuary, Gabriel, Roeder, Smith & Co., presented the trustees with 11 packages of potential legislative changes.
The proposals include changes to the 5%-of-salary rate charged to members who pay into the system; the three-year period for computing the final average salary on which retirement benefits are determined; the five-year vesting period for system members; and the compound, 3% cost-of-living adjustment paid each year to the system's retirees. READ MORE.