Public Retirement & Social Security Programs-Joint

Thank you garner still overly if the call. Alright you're all. The. We already. You were running the widescreen. Thank you that are held by the. We're literally everything else. Will the boardwalk. For. What were your goes out okay. Hello Marty. No word for. We are saying we're just waiting. Sure. Former law there are a. But will also. Doctors. West. On the server sample can you hear me I can hear you this is David Clark I'm trying to get my camera to work here well I I can hear you I can't see yes Sir I'm trying to figure that out. There is a little video down the bottom was that not do it because I had to turn on the video camera at the bottom left hand. Okay let that help people. I don't know how a lot I just throw out whatever caused me problems. All the. all bill sample. Larry Teague is got the honor of brother I don't say you but that's good I appreciate that By the add to hear you. Well. One little simple motion to make What I'm kidding okay I'll. I want their board lab understand that. There is Jody. Hi Jerry. Senate bill. I don't care what is going on in Nashville. Dogs record he lives. Now our. Well. You're not blind that no I'm not. Thirty eight and got dressed for the day yeah well there is I'm gonna review by cell because they've got TV up loud all look if I need you I would check back yet okay. Doug can. Year. Are you. Good good to see if you. To be. Hey are you good good to have you here. Year thank you good to be here. Coach doc Deffenbaugh here. Information The log. Okay. You will tell us for live right. Your. Yes we are ready to go to his or her all right. We're. In the order of the. Retirement a joint committee on public retirement and social security programs and saying we need to do is approved the motion our marriage for December. So the art thank you. Do I have a second. We your mark phone sex this. Hello well. Right. Your. Where I have director Clint road to review the following words for Arkansas teacher retirement system. Stroking your right. All right good morning everybody good afternoon that is I will I will start with a a quick little summary of what this process is and will go from there Start off this is essentially all the legislative changes that we did back in two thousand nineteen of they have to be put into our rules in order to so that there's no contradictions and that's what we have done at this time is to a look at all of our rules and determined what laws changes from two thousand nineteen required us to make rule changes into the wording of our current rules we identified six rules. Essentially six roles I'll explain as we go through their That the. How they fit in. And if your member Sometime last year AJS is going to a process of. Reviewing all of our rules and trying to reorganize and reformat the on into consistent professional looking rules for publication I'm particularly for the codification of the rules that up there was a act six six two thousand nineteen or the the rules of the Arkansas are. All Arkansas agencies are going to be codified by BLR and we help this is an after yes well positioned for that effort. So with that I will start with the individual rules and if there's not any questions from anybody at this point. Okay so let me start a rule number six. rule six is essentially. it though technically workup we're calling it a new rule. It is really just a re numbered and renamed Rule that consist of H. R. that current rules that a judge has called rule six one six one eight six one B. X. two six ten six eleven and six twelve so those are all be and reorganized and formatted into one current rule of. You'll see in the. The exhibit that you have a rule six most of the language is then I believe you will underline as to indicate that it's that is the language that has essentially stayed the same. As the existing rules. any rules changes that we made we made in black and italicized so that they stand out. in this effort BLR has been very helpful and doing a public comments for us and I also have found you know small wording suggested changes of typos and stuff like that and so all public comments including be a large comments are jolly red so it's several pages but essentially the change that is in this new role sex is we added the definition of administrator so that it bonds with the H. R. S.'s classification of our members into teachers non teachers and administrators of that was an act for twenty seven of two thousand nineteen of our technical corrections act. We think that the language regarding what a government plan was in our language in our definition we already had language about. The government plan has to as regards to the Internal Revenue Code and the arrests the hype language and we just saved up our rules to make that job with the law a little bit better. And another one of the big acts that we had in two thousand nineteen ACT two seven to ninety seven it's what we took the not contribute toward contributory Status overall the years had changed back and FOR as to who is required to be contributory not to worry. And all the different rules that went along with that and we thought that the best way to or try that to our members would be in a chart so there's a chart added at the end of this rule six that helps explain the current situation as law was cleaned up. in two thousand nineteen. There was a couple of places where we removed the references to regulations that was in light of act three fifteen of two thousand nineteen. And you either you know number in grammar typographical hi sharks in our changes in order to make it easier to read and and more member friendly document is the goal here. So that are there any questions about rule six. Are there questions. Without objection. He needs to rules. Okay. You're going to rule seven. Is there a question. Okay all the real seven. Okay rule seven seven was actually one of those ones that we consolidated last year from a whole lot of different sections of that we called rule seven dash six that are this is only has to be updated for some of the legislation two thousand nineteen one of the other has who regard to a better definition of our final average salary to make sure that it it's clear that it does not include partial service years. There is a a. another one of the acts we had was ACT five ninety four that that with the. The employers contributions there was a difference but we are what we used to have a fourteen percent contribution rate or the employers due to the two thousand seventeen legislation that we did in order to sure of our system that employer rate has been scheduled to go up incrementally up towards fifteen percent. And. That extra one percent was handle differ in other words one part within the appropriate are on the the The adequacy formula and one was not in two thousand nineteen and make sure that up make sure that everything flowed through the attic this process and yes this just gets everything in sync there. There was. Yeah and the only other comment I had from public comment was we there was a word additional that needed to be put in in in front of funds appropriated to deal with that ex employer contribution right so almost changes of their marked up if there's any questions about will seven I will say. Are there any questions. Hearing none of without objection or rules seven as adopt. Right right so. I will move on to rule eight. Rule eight is a very simple change. The board has the us that what we the terminated the minimal some out and that amounts is a. Is twenty five dollars and in the rule we had it hard coded of this explicitly say twenty five dollars we just changed it to so that it refers to the term the minutes about which is a you know odds subject to change by the board from time to time I was just a small little clean up that we wanted to build will eight. Any questions on that. Are there any questions. None of our. With Alan Jackson a rule is adopted. reviewed house where. All right. She rolled rule nine. Okay we'll nine is another formatting and reorganization of seven current eight euros rules and one rule again for consistency professionalism and although it is a new role. Most of the language has come from the existing roles of nine dash one nine dash two nine dash three dash four nine dash seven I'm dash eight nine dash not. So anywhere there's a substantial change it will be in black the palace size. And one of those changes reflects on a law change it we had back in two thousand nineteen that dealt with the There were two instances where members were asked to serve the or fit service that if it was a partial year you know it was an effort to keep the keep teachers from retiring in the spring top we did not classroom vacated so one of the law changes that we did was that once you have a. Four hundred sixty days a year that you were going to be required to be a July one retiree that was an effort to. Make sure that teachers stayed in the classroom and kept providing service. another change we did was we have disability retirees who we we are allowed to go back to work forty days in a part time basis in two thousand nineteen we that eighty days and we obviously need to change the rules that a lot. we added the definition of what an eight oh eight four years long with what we mean by active retirement date. And that concludes the substantial changes of rules are there any questions. Are there any questions for rule nine. One thousand. Without objection a rule that is reviewed. routine all right. Okay so the world can we had one little act regarding to drop last year of two thousand nineteen. Essentially dealt with the difference between the formula that APRS and then using the calculate to drop benefits us since the beginning of the drop but the words of the statutory language did exactly job with that formula and we are simply change the law so that it matched up the way that the drug benefits work actually be calculated of. That act did not affect the benefits of any to drop members or any already participants and this is just a sinking up of that language inside were in that bills what that deals with the drop. Are there any questions all roll TS. Are there any questions on routine. Hearing none without objection a rule ten as reviewed. Our rule eleven. Okay of rule eleven is the last of the rules that we were working to reformat and re organize into one consistent rule the bill it combines for current APRS rules eleven one eleven to eleven three and let me let five. And we've made necessary changes due to acts of two ten. that was the act that are we pointed out that there was a white hole in our logic as far as letting of dependent children particularly minors receive a benefit in the event of the death of a member it was discovered that At the time of the death of a member of the minor at a it only if clients to the who are under eighteen even no dependents all the way at the age of twenty three actually qualified so we made a law change to correct that in equity and this change will go inside with that. there was one other small change from our technical corrections that just clarified what that the final the final average salary are applied to the state fiscal year. That was a. Yes silence that we're correcting in our rules we also clarified that if a deceased member spouse actually waves the spousal annuity for any reason it's clearly spelled out now the base I received the members accumulate contributions plus interest that plus interest wasn't there. Are there any questions on rule eleven. Are there questions wrong rule eleven. Hearing none without objection rule eleven is review. Okay date is do you want any of those meetings are with the agency officials are Sturch Dr string that are. That will. I thank. Sure do you have. Also my. Not at all. So. It is my opinion that we need their live stream all of our meetings if possible. We think we need roll call them. One. Okay. All right. Okay here are they can you hear me her number. You're the members that I have to say take. I'm general. Example. What is. By senator Bledsoe okay. Or call. House. man. It represents met Representative events. Deffenbaugh work. One. No one else that we missed. Representative Harlan Breaux. Our. McCollum. Yeah. Thank you is there anyone else. To get correct letting the. Yes. Did you did you get senator Bledsoe yes we did all right thank you. Yes. Our share in the German this meeting this meeting.