March 8, 2019 - Executive Director Update: Week Number Eight of the Legislative Session

On Monday, March 11th the Joint Public Retirement Committee (JRC) meeting will be video streamed over the Internet. Just visit the Arkansas Legislative Meetings and Events web page on Monday at 10:00 a.m. Look for the item “PUBLIC RETIREMENT & SOCIAL SECURITY PROGRAMS-JOINT” and click on the “video camera” icon.

HB1320 (ATRS Technical and Minor Corrections) was passed out of the House and the Senate this week. It is on the Governor’s desk to sign. Thank you to Representative John Maddox for presenting this bill on the House floor this week. Thank you to Senator Bill Sample for presenting this bill on the Senate floor this week.

The good news this week is that it appears there will be no COLA adjustment legislation passed this session. Through many conversations with legislators and the leadership of the Joint Retirement Committee it has been determined that no adjustments to the ATRS COLA are needed at this time. Your voices and concerns have been heard. We should thank our legislators for their willingness to work with ATRS staff and the ATRS Board of Trustees in keeping our system strong while protecting the benefits of Arkansas educators.

HB1173 has been amended to change the stress test language into required financial risk analyses. This bill now requires the pension systems to follow generally accepted accounting procedures and actuarial standards of practice. However, the decision to have the ATRS actuaries perform needed risk analyses is something the ATRS Board already does in fulfilling their role as fiduciaries. ATRS believes this bill is simply not necessary. This bill will NOT be heard in next week’s Joint Retirement Committee. This bill still needs to have an actuarial cost study performed before it can be presented.

It is a busy time for ATRS and its staff. ATRS will try to keep its members informed about the bills that impact ATRS, its members and employers.

For more information regarding the ATRS Bill Package and bills that may impact ATRS visit the Legislation page on our website.

Stay in Touch with ATRS and View YOUR Account Information

The ATRS website allows members to have direct access to specific member account information.  Now, approximately 16,800 members have direct account access to individualized account information.  Here is the link to the instructions to sign up: www.artrs.gov/registration.

You can also sign up to obtain these executive director updates through your private email address.  Updates are made throughout the year such as at retirement season and other times when information needs to be shared.  Now, over 19,900 people have signed up to receive this executive director update by direct email delivery.  It is always a great pleasure for ATRS staff to learn of more ways to provide information to ATRS members, employers, beneficiaries, government officials, and the public.  The ATRS Board is committed to providing a system that is member friendly and transparent.

You can also get helpful ATRS information on the ATRS Facebook page under the name of Arkansas Teacher Retirement System.  Over 5,000 Facebook users get updates via the ATRS Facebook page.  Go to the Facebook page and "like" ATRS to get daily updates.  I try to go to the Facebook page every day to post information and answer member questions about ATRS.  In addition, if you use Twitter, you can join over 960 others by following events at ATRS and issues of interest on the ATRS Twitter page.  Remember that ATRS is here to serve you!  If you have questions, email me or call.

Best regards,

Clint Rhoden
Executive Director

(501) 291-1623 Mobile
(501) 588-4367 Office
clintr@artrs.gov

March 1, 2019 - Executive Director Update: Week Number Seven of the Legislative Session

If you are considering entering T-DROP or Retiring on July 1, 2019, you may begin filing your applications as early as March 1, 2019 and as late as May 31, 2019. If you have any questions regarding the filing deadline or completing your applications, please contact the ATRS Call Center at 501-588-4374.

On Monday, March 4th the Joint Public Retirement Committee (JRC) meeting will be video streamed over the Internet. Just visit the Arkansas Legislative Meetings and Events web page on Monday at 10:00 a.m. Look for the item “PUBLIC RETIREMENT & SOCIAL SECURITY PROGRAMS-JOINT” and click on the “video camera” icon.

SB218 (T-DROP Deposit Calculation Clarification) and SB222 (Noncontributory Eligibility Clarification) were passed out the Senate and the House this week. They are on the Governor’s desk to sign. Thank you to Senator Eddie Cheatham for presenting these bills on the Senate floor this week. Thank you to Representative Michelle Gray for presenting these bills on the House floor this week.

On Monday, March 4th, the Joint Public Retirement Committee (JRC) will hear the ATRS Package bill HB1320 that contains various technical and minor changes to the ATRS statutes. Thank you to Representative John Maddox for sponsoring this bill for ATRS.

HB1173 is in the process of being amended. The specificity of the required stress tests has been removed and replaced with the general requirement to perform financial risk analyses as required by generally accepted government accounting standards (GASB) and actuarial standards of practice (ASOP). As ATRS recognizes, monitoring financial risk is a constant and important part of maintaining a healthy retirement system. This amended bill appears to simply codify the current practices of ATRS. Our actuary, GRS Retirement Consulting, will be performing an increased level of financial risk assessment and stress testing next year, as required by Actuarial Standard of Practice 51 (ASOP 51). All of the results from these assessments will be available to the Arkansas Legislature to assist them in their pension system oversight role. ATRS will continue to watch HB1173 as it is amended in the following weeks.

HB1206 (Annual cost of living adjustment restricted to lower of 3% or the Consumer Price Index) was withdrawn from further consideration this week. ATRS will continue to watch for shell bills that could be modified to be a legislated reduction of retirees’ cost of living adjustment (COLA).

It is a busy time for ATRS and its staff. ATRS will try to keep its members informed about the bills that impact ATRS, its members and employers.

For more information regarding the ATRS Bill Package and bills that may impact ATRS visit the Legislation page on our website.

Stay in Touch with ATRS and View YOUR Account Information

The ATRS website allows members to have direct access to specific member account information.  Now, approximately 16,700 members have direct account access to individualized account information.  Here is the link to the instructions to sign up: www.artrs.gov/registration.

You can also sign up to obtain these executive director updates through your private email address.  Updates are made throughout the year such as at retirement season and other times when information needs to be shared.  Now, over 19,800 people have signed up to receive this executive director update by direct email delivery.  It is always a great pleasure for ATRS staff to learn of more ways to provide information to ATRS members, employers, beneficiaries, government officials, and the public.  The ATRS Board is committed to providing a system that is member friendly and transparent.

You can also get helpful ATRS information on the ATRS Facebook page under the name of Arkansas Teacher Retirement System.  Over 5,000 Facebook users get updates via the ATRS Facebook page.  Go to the Facebook page and "like" ATRS to get daily updates.  I try to go to the Facebook page every day to post information and answer member questions about ATRS.  In addition, if you use Twitter, you can join over 960 others by following events at ATRS and issues of interest on the ATRS Twitter page.  Remember that ATRS is here to serve you!  If you have questions, email me or call.

Best regards,

Clint Rhoden
Executive Director

(501) 291-1623 Mobile
(501) 588-4367 Office
clintr@artrs.gov