TO CLARIFY THE LAW CONCERNING AN ELECTION TO CHANGE ANNUITY OPTIONS WITHIN ONE YEAR OF RETIREMENT UNDER THE ARKANSAS TEACHER RETIREMENT SYSTEM; AND TO DECLARE AN EMERGENCY.

HB 1161 allows Arkansas teachers who retired on or after July 1, 1994, to change their retirement annuity options once within one year of retirement. To do this, they must file a new election form and repay the difference between their original annuity and the new amount, plus interest from July 1, 1994, or their retirement date. The change takes effect retroactively after meeting these requirements. The bill becomes effective July 1, 2025, to align with the state's fiscal year.