TO SET A LIMITATION PERIOD FOR THE CORRECTION OF ERRORS UNDER THE ARKANSAS PUBLIC EMPLOYEES' RETIREMENT SYSTEM AND THE STATE POLICE RETIREMENT SYSTEM.

HB 1304 establishes new procedures and time limits for the Arkansas Public Employees' Retirement System and the State Police Retirement System. It sets a five-fiscal-year limitation period for members, retirees, or beneficiaries to request corrections or changes to their retirement records, with exceptions for certain undiscoverable errors made by the system or employer. The bill also allows the system to transfer uncollected funds to general trust assets if a payee cannot be contacted for five years, though later payments can be made without interest if entitlement is proven. Additionally, it places responsibility on members to ensure their contact information is accurate.