(a) All bills introduced in either house of the General Assembly to amend any of the existing publicly supported retirement systems laws of this state or to establish new or expanded public retirement or social security programs shall be referred to the Joint Committee on Public Retirement and Social Security Programs.
(b)
(1) The Joint Committee on Public Retirement and Social Security Programs shall cause a fiscal note to be prepared and attached to each bill reflecting estimated cost or fiscal impact of the bill upon the revenues of the State of Arkansas and its various agencies and upon the actuarial soundness of the retirement systems.
(2)
(A) In connection with the preparation of the fiscal notes, the Joint Committee on Public Retirement and Social Security Programs is authorized to request the respective retirement systems to review proposed retirement bills and to furnish the Joint Committee on Public Retirement and Social Security Programs with an evaluation thereof in writing.
(B) If the Joint Committee on Public Retirement and Social Security Programs deems it necessary, the services of actuaries may be obtained in evaluating the respective bills, provided that funds have been provided for that purpose.
(3)
(A) No bill amending an existing publicly supported retirement system by increasing the multiplier, changing terms of or allowing the purchase of credited service, shortening vesting periods or shortening the years of service required for standard retirement without penalty, or which would establish a new or expanded public retirement program, shall be acted upon in either house until the fiscal note provided for in subsection (a) of this section has been attached to the bill, two-thirds (2/3) of the Joint Committee on Public Retirement and Social Security Programs has recommended the passage of the bill, and the Joint Committee on Public Retirement and Social Security Programs has reported its recommendations in regard to the bill.
(B) However, upon suspension of the Joint Rules of the House of Representatives and the Senate, a retirement system bill may be withdrawn from further consideration by the Joint Committee on Public Retirement and Social Security Programs and may be acted upon without a report of the Joint Committee on Public Retirement and Social Security Programs being attached thereto.