TO AMEND THE LAW CONCERNING THE ELECTION OF A DISTRIBUTION OPTION UNDER THE TEACHER DEFERRED RETIREMENT OPTION PLAN; AND TO DECLARE AN EMERGENCY.

HB 1158 amends Arkansas' teacher retirement law to allow educators in the Teacher Deferred Retirement Option Plan to change their distribution choices under specific conditions. It permits members who did not initially select a lump-sum rollover to cancel and switch their distribution option within two months of retirement, provided they haven’t changed before, file new paperwork, and repay any overpaid amounts. The bill directly affects Arkansas public school teachers enrolled in this retirement plan. The emergency clause establishes an effective date of July 1, 2025 (the start of the fiscal year) to align with retirement system operations. This change aims to address administrative complexities in the retirement system's distribution process.