Joint Retirement Committee extends filing deadline, authorizes co-chairs to send bills to actuary

The Joint Committee on Public Retirement and Social Security at an organizational meeting adopted procedures to speed actuarial review, extended the retirement-bill filing deadline by four days to Friday, Jan. 31, and gave the committee co-chairs authority to send bills to the committee actuary, members said.

The moves are intended to ensure that sponsor notifications and actuarial cost studies are available to legislators before committee consideration. Committee leaders said agendas are prepared two days before each meeting and that legislators with bills on the agenda will receive sponsor notifications and actuarial cost studies the day before a meeting.

Committee members voted, without recorded opposition, to: allow certain “until amended” bills to be placed on the agenda as ready for action or sent to the actuary; give co-chairs authority to immediately send all bills requiring actuarial studies to the committee actuary once a bill is referred to the committee; and give co-chairs authority to send amended bills to the committee actuary if an amendment requires an additional actuarial study. Each motion was seconded and the chair declared the motion carried after an aye vote.

The committee chair explained voting thresholds for retirement measures: any bill that increases a multiplier, changes terms of purchase of credited service, shortens vesting periods or the years of service required for standard retirement without penalty, or would establish a new or expanded public retirement program requires a two-thirds committee vote (14 votes). All other retirement bills require a simple majority (11 votes).

The committee also confirmed its regular meeting schedule: weekly on Tuesdays in the same room, convening after adjournment of the House and Senate, until all retirement bills are covered. Committee staff who were introduced at the meeting included Blake Gillum (staff), Destiny Davis (committee assistant) and Laura Holzhauser (committee attorney). The committee introduced retirement-system directors and the committee actuary for members’ reference.

Senator Dodson said it was his first time serving on the retirement committee and he looked forward to the session. “It’s my first time to serve on the retirement committee and, just looking forward to, a great session with everybody,” Dodson said.

Directors introduced were David Clark, director of the Arkansas Local Police and Fire Retirement System (LOPFI); Amy Fletcher, director of the Arkansas Public Employees Retirement System (APERS); Robin Smith, director of the Arkansas State Highway Employees’ Retirement System (ASHERS); and Mark White, director of the Teachers Retirement System (TRS). Committee actuary Jody Carrero was also introduced; the chair noted Carrero has worked with the committee since about 2001.

No substantive policy bills were debated or decided at the meeting; members limited actions to committee procedures, referral authority, scheduling and informational introductions. The committee adjourned after the organizational items were completed.