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Arkansas retirement systems report improved funding, committee told; two bills filed to adjust administration
Summary
State and local pension officials briefed the Joint Public Retirement & Social Security Programs Committee on funding levels, investment returns and program details. Officials said two administration bills (House Bill 1119 and House Bill 1118) will be pursued and reminded members that actuarial studies will accompany any bill affecting benefits.
Members of the Joint Public Retirement & Social Security Programs Committee heard presentations on the financial health and administration of Arkansas’s major public pension systems and were told lawmakers will see two administrative bills this session.
Jody Carrero, the committee actuary, opened with an overview of common pension terms and the basic financial premise for defined‑benefit plans: "The money in comes from the contributions from the employer and employee and investments and that equals the benefits plus the expenses," she said. Carrero explained how assumptions, funding periods and smoothing methods affect contribution rates and the measurement of unfunded actuarial liabilities.
The committee then received system‑by‑system briefings. David Clark, executive director of the Local Police and Fire Retirement System (LOPP) and executive director of the Arkansas Fire and Police Pension Review Board, said LOPP paid $16.4 million to 9,328 recipients in January and paid about $214,000,000 in benefits in fiscal year 2024. Clark…
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