Aggressive caching of JSON would work for this, you just hash the JS file and throw it on the end of it's URL to update it when it changes. One revision might look like this:
/media/js/ac.js?1234ABCD
And when the file changes, the hash changes.
/media/js/ac.js?4321DCBA
This way, when a client loads the page, your server-side code links to the hashed URL, and the client will get a 304 Not Modified response on their next page load (assuming you have this enabled on your server). If you use this method you should set the files to never expire, as the "expiring" portion will be dealt with by the hash, i.e., when the JS file does expire, the hash will change and the client won't get a 304, but rather a 200.
ac.js might contain a list or other iterable that your autocomplete code can parse as it's completion pool and you'd access it just like any other JS variable.
Practically speaking, though, this shouldn't be necessary for most projects. Using something like memcached server-side and gzip compression will make the file both small and amazingly fast to load. If the list is HUGE (say thousands of thousands of items) you might want to consider this.