As in the title, could you help with the translation to English of this one sentence? If you want the context, here
I've got an English version here too, but it doesn't make any sense(at least to me).
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First of all, it's ありゃ not ありや And it's slang (or contraction?) for でもあれはいい制度だ which means "But that's a good system". [Might have some contextual variances].
I'd also recommend asking questions in a different way. Straight up translations aren't allowed here. If you can dissect the sentence a bit (and maybe offer an attempt) it's more likely to not get flagged.