TO AMEND THE LAWS CONCERNING EMPLOYEES OF A MUNICIPALITY THAT PARTICIPATES IN THE ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE ELECTION TO INSTEAD PARTICIPATE IN A LOCAL RETIREMENT PLAN.

HB 1195 amends the laws for employees of municipalities participating in the Arkansas Public Employees' Retirement System (APERS). It clarifies the timeframe for these employees to choose to opt out of APERS and instead participate in a local retirement plan. The bill specifies that employees have 90 days after assuming office in their first term and any subsequent term to make this election. Additionally, it includes a temporary provision granting current employees an extra 90 days from the act's effective date to make this retirement plan election.