Retiree system lays out '21 goals
Trustees approvelegislative to-dos
By Michael R. Wickline
The trustees for the Arkansas Public Employees Retirement System will ask the Arkansas General Assembly in the 2021 regular session to enact legislation that would phase in an increase in the 5%-of-salary rate charged to members who pay into the system, the trustees decided on Tuesday.
The system's trustees also decided to ask lawmakers to enact legislation that would change the three-year period for computing the final average salary upon which system members' retirement benefits are calculated and change, for newly hired members, the compound, 3% cost-of-living adjustment paid each year to the system's retirees.
The trustees said their aim is to improve the retirement system's financial status and to reduce the system's unfunded liabilities. READ MORE.