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Bill Summary · HB 1304

Summary of House Bill 1304

Bill Number: HB 1304
Title: To Set a Limitation Period for the Correction of Errors Under the Arkansas Public Employees' Retirement System and the State Police Retirement System
Status: Died in House Committee at Sine Die adjournment
Introduced: January 29, 2025
Classification: Bill

Purpose and Intent

House Bill 1304 aimed to amend existing provisions regarding the management of member, retiree, and designated beneficiary contact information within the Arkansas Public Employees' Retirement System (APERS) and the State Police Retirement System (SPRS). The bill sought to establish a limitation period for correcting errors related to retirement benefits, thereby streamlining the process for both the systems and their members.

Key Provisions

  1. Contact Information Requirements:

    • Members, retirees, and designated beneficiaries are required to file and update their contact information with APERS.
    • Contact information includes physical addresses, telephone numbers, email addresses, and bank information.

  2. Payment and Notification Procedures:

    • If APERS cannot make a payment to a member, retiree, or designated beneficiary within five years due to lack of response, the owed amount may be transferred to the system's general trust assets.
    • Members can later claim these amounts if they provide the necessary documentation, but no interest will be paid on these amounts.

  3. Correction of Errors:

    • The bill proposed a statute of limitations for correcting errors in benefit calculations. Specifically:
      • Overpayments could only be recouped if identified within one year of the last overpayment, unless caused by fraud or gross negligence.
      • Underpayments would be paid in a lump sum regardless of when they were identified.
    • The limitation period for filing corrections would begin in the fiscal year the error occurred and extend for four subsequent fiscal years.

  4. Conflict with Unclaimed Property Act:

    • The provisions of this bill would take precedence over any conflicting provisions in the Unclaimed Property Act.

Impact

  • Affected Parties:

    • The bill would primarily impact members, retirees, and designated beneficiaries of the APERS and SPRS, as well as the administrative operations of these retirement systems.

  • Administrative Changes:

    • The bill aimed to enhance the efficiency of the retirement systems by clarifying the responsibilities of members regarding their contact information and establishing clear timelines for error corrections.

Legislative Actions

  • January 29, 2025: Bill filed and read for the first time.
  • March 5, 2025: Amendment No. 1 was adopted, and the bill was reported correctly engrossed.
  • May 5, 2025: The bill died in the House Committee at Sine Die adjournment.

In summary, HB 1304 sought to improve the management of retirement benefits by enforcing contact information requirements and establishing clear timelines for error corrections, ultimately aiming to protect the interests of both the retirement systems and their members.

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

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