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SB 160

Emergency Residential Property Insurance Assistance Trust Fund/Department of Financial Services

2026 Regular Session Introduced by Tracie Davis

Senate Bill 160 updates Arkansas' retirement system by adding the Arkansas Development Finance Authority as a participating employer and expanding the Board of Trustees for better governance.

Died in Banking and Insurance
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Bill Summary · SB 160

Summary of Senate Bill 160 (SB 160)

Bill Title: Relating to Mental Health
Bill Number: SB 160
Introduced: January 30, 2025
Status: Referred to HHS/PSM, WAM
Classification: Bill
Subject: Appropriation ($), DCR, DOH, Detainees, Inmates, Mental Health Facility

Purpose and Intent

Senate Bill 160 aims to amend existing laws concerning the administration of the Arkansas Public Employees' Retirement System (APERS). The bill seeks to clarify the definition of "participating public employer" and to modify the composition of the Board of Trustees overseeing the retirement system. This legislation is part of ongoing efforts to ensure that the governance of public employee retirement is inclusive and reflective of current administrative needs.

Key Provisions

  1. Definition of Participating Public Employer:

    • The bill amends Arkansas Code § 24-4-101(30) to include the Arkansas Development Finance Authority as a participating public employer in the APERS.

  2. Board of Trustees Membership:

    • The bill modifies Arkansas Code § 24-4-104(b) to expand the membership of the Board of Trustees by adding:
      • The Secretary of the Department of Shared Administrative Services
      • The Bank Commissioner

These changes are intended to enhance the governance structure of APERS by including representatives from key administrative sectors.

Impact

  • Public Employees: The inclusion of the Arkansas Development Finance Authority as a participating employer may affect employees of this agency in terms of their retirement benefits and contributions to the system.
  • Board of Trustees: The addition of new members to the Board of Trustees is expected to bring diverse perspectives and expertise to the governance of the retirement system, potentially leading to improved decision-making and oversight.

Procedural Timeline

  • January 30, 2025: Bill filed and read for the first time.
  • March 31, 2025: Amendment #1 adopted, which included the addition of Senator M. McKee as a cosponsor.
  • April 2, 2025: Bill passed the Senate and was transmitted to the House.
  • April 9, 2025: Bill reported correctly enrolled and delivered to the Governor.
  • April 14, 2025: Notification that SB 160 is now Act 589.

This timeline illustrates the swift progression of SB 160 through the legislative process, culminating in its enactment as law.

Conclusion

Senate Bill 160 represents a significant update to the Arkansas Public Employees' Retirement System, aiming to enhance its governance and inclusivity. By expanding the definition of participating employers and modifying the Board of Trustees, the bill seeks to ensure that the retirement system remains effective and responsive to the needs of Arkansas's public employees.

Compiled from official sources — confirm details with the bill’s official record.

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