Ark. Code Ann. § 24-11-404 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-404
Tax levy for pensions in cities of first and second class
Status: in_force

(a) (1) After being once approved by a majority of those voting on the question at any general or special election in any city of the first class or city of the second class, a tax not to exceed one (1) mill on the dollar upon the assessed value of the real and personal property of the city shall be levied annually by the city for the purpose of paying police officers' retirement salaries and pensions, as well as pensions to the surviving spouses and minor children of deceased police officers and the surviving spouses and minor children of deceased retired police officers. (2) The levy shall be made by the city council or other governing body of the city on or before the time fixed by law for levying county taxes, and the city council or other governing body shall make out and certify to the county clerk the rate of taxation levied by the municipal corporation on the real and personal property within the city. (3) The amount so certified shall be placed upon the tax book by the county clerk of the county and collected in the same manner that state and county taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund of the city. (b) (1) In those cities that do not have a policemen's pension and relief fund but that cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax shall also be allowed when approved by a majority of qualified electors of the cities participating in any election on the question and held at a special election in accordance with § 7-11-201 et seq. for the purpose of voting on the question. (2) The election may be held in connection with the first general city election following March 6, 1989, but the failure to submit at a city or other election shall not defeat the right of submission at any subsequent election. (3) Upon the filing with the county board of election commissioners not later than ninety (90) days before the date of the election requested in a petition signed by twenty (20) or more qualified electors of the city affected and praying that the question of a policemen's pension be submitted, it shall be the duty of the county board of election commissioners to call the election in accordance with § 7-11-201 et seq. (4) In the event that for any reason the question of the policemen's pension is not voted upon in the next general city election after March 6, 1989, the question may be submitted at a special election held in the city as provided in this subsection. (5) The question on the ballot shall be as follows: "FOR Policemen's Pension ...............[ ] AGAINST Policemen's Pension ....................[ ]". (6) The tax so levied shall not exceed one (1) mill on the dollar upon the assessed value of the real and personal property of the city or town. (c) Once so approved, the tax shall be levied and certified in the same manner as provided in this section and shall be collected and turned over to the city or town for the sole purpose of making payment for coverage of employees under the Arkansas Local Police and Fire Retirement System. (d) A vote on the question of the tax provided for in this section shall be had in the same manner that the Arkansas Constitution and laws of this state provide for the initiation of measures in municipalities. (e) The funds provided for in this section shall be supplemental and in addition to any funds provided for by any laws in effect at the time of passage of this section and shall become part of the policemen's pension and relief fund of the city and be administered by the board of trustees of the policemen's pension and relief fund for the same class of beneficiaries and in the same manner as prescribed by law. (f) In those cities that cover their police officers under the Arkansas Local Police and Fire Retirement System, the funds shall be applied to each city's account in that system, in such manner and amounts as determined by the Board of Trustees of the Arkansas Local Police and Fire Retirement System, if: (1) The city does not have a policemen's pension and relief fund; or (2) The city has consolidated administration of its policemen's pension and relief fund with the Arkansas Local Police and Fire Retirement System, even if there are no longer any members or beneficiaries remaining under the city's policemen's pension and relief fund. Acts 1941, No. 16, §§ 1, 2, 4; 1985, No. 900, §§ 1, 3; A.S.A. 1947, §§ 19-1707, 19-1708, 19-1710; Acts 1989, No. 341, § 1; 2005, No. 2145, § 63; 2007, No. 608, § 1; 2007, No. 1049, § 85; 2009, No. 1480, § 104.

(a) (1) After being once approved by a majority of those voting on the question at any general or special election in any city of the first class or city of the second class, a tax not to exceed one (1) mill on the dollar upon the assessed value of the real and personal property of the city shall be levied annually by the city for the purpose of paying police officers' retirement salaries and pensions, as well as pensions to the surviving spouses and minor children of deceased police officers and the surviving spouses and minor children of deceased retired police officers. (2) The levy shall be made by the city council or other governing body of the city on or before the time fixed by law for levying county taxes, and the city council or other governing body shall make out and certify to the county clerk the rate of taxation levied by the municipal corporation on the real and personal property within the city. (3) The amount so certified shall be placed upon the tax book by the county clerk of the county and collected in the same manner that state and county taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund of the city.

(1) After being once approved by a majority of those voting on the question at any general or special election in any city of the first class or city of the second class, a tax not to exceed one (1) mill on the dollar upon the assessed value of the real and personal property of the city shall be levied annually by the city for the purpose of paying police officers' retirement salaries and pensions, as well as pensions to the surviving spouses and minor children of deceased police officers and the surviving spouses and minor children of deceased retired police officers.

(2) The levy shall be made by the city council or other governing body of the city on or before the time fixed by law for levying county taxes, and the city council or other governing body shall make out and certify to the county clerk the rate of taxation levied by the municipal corporation on the real and personal property within the city.

(3) The amount so certified shall be placed upon the tax book by the county clerk of the county and collected in the same manner that state and county taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund of the city.

(b) (1) In those cities that do not have a policemen's pension and relief fund but that cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax shall also be allowed when approved by a majority of qualified electors of the cities participating in any election on the question and held at a special election in accordance with § 7-11-201 et seq. for the purpose of voting on the question. (2) The election may be held in connection with the first general city election following March 6, 1989, but the failure to submit at a city or other election shall not defeat the right of submission at any subsequent election. (3) Upon the filing with the county board of election commissioners not later than ninety (90) days before the date of the election requested in a petition signed by twenty (20) or more qualified electors of the city affected and praying that the question of a policemen's pension be submitted, it shall be the duty of the county board of election commissioners to call the election in accordance with § 7-11-201 et seq. (4) In the event that for any reason the question of the policemen's pension is not voted upon in the next general city election after March 6, 1989, the question may be submitted at a special election held in the city as provided in this subsection. (5) The question on the ballot shall be as follows: "FOR Policemen's Pension ...............[ ] AGAINST Policemen's Pension ....................[ ]". (6) The tax so levied shall not exceed one (1) mill on the dollar upon the assessed value of the real and personal property of the city or town.

(1) In those cities that do not have a policemen's pension and relief fund but that cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax shall also be allowed when approved by a majority of qualified electors of the cities participating in any election on the question and held at a special election in accordance with § 7-11-201 et seq. for the purpose of voting on the question.

(2) The election may be held in connection with the first general city election following March 6, 1989, but the failure to submit at a city or other election shall not defeat the right of submission at any subsequent election.

(3) Upon the filing with the county board of election commissioners not later than ninety (90) days before the date of the election requested in a petition signed by twenty (20) or more qualified electors of the city affected and praying that the question of a policemen's pension be submitted, it shall be the duty of the county board of election commissioners to call the election in accordance with § 7-11-201 et seq.

(4) In the event that for any reason the question of the policemen's pension is not voted upon in the next general city election after March 6, 1989, the question may be submitted at a special election held in the city as provided in this subsection.

(5) The question on the ballot shall be as follows: "FOR Policemen's Pension ...............[ ] AGAINST Policemen's Pension ....................[ ]".

"FOR Policemen's Pension ...............[ ]

AGAINST Policemen's Pension ....................[ ]".

(6) The tax so levied shall not exceed one (1) mill on the dollar upon the assessed value of the real and personal property of the city or town.

(c) Once so approved, the tax shall be levied and certified in the same manner as provided in this section and shall be collected and turned over to the city or town for the sole purpose of making payment for coverage of employees under the Arkansas Local Police and Fire Retirement System.

(d) A vote on the question of the tax provided for in this section shall be had in the same manner that the Arkansas Constitution and laws of this state provide for the initiation of measures in municipalities.

(e) The funds provided for in this section shall be supplemental and in addition to any funds provided for by any laws in effect at the time of passage of this section and shall become part of the policemen's pension and relief fund of the city and be administered by the board of trustees of the policemen's pension and relief fund for the same class of beneficiaries and in the same manner as prescribed by law.

(f) In those cities that cover their police officers under the Arkansas Local Police and Fire Retirement System, the funds shall be applied to each city's account in that system, in such manner and amounts as determined by the Board of Trustees of the Arkansas Local Police and Fire Retirement System, if: (1) The city does not have a policemen's pension and relief fund; or (2) The city has consolidated administration of its policemen's pension and relief fund with the Arkansas Local Police and Fire Retirement System, even if there are no longer any members or beneficiaries remaining under the city's policemen's pension and relief fund.

(1) The city does not have a policemen's pension and relief fund; or

(2) The city has consolidated administration of its policemen's pension and relief fund with the Arkansas Local Police and Fire Retirement System, even if there are no longer any members or beneficiaries remaining under the city's policemen's pension and relief fund.

Acts 1941, No. 16, §§ 1, 2, 4; 1985, No. 900, §§ 1, 3; A.S.A. 1947, §§ 19-1707, 19-1708, 19-1710; Acts 1989, No. 341, § 1; 2005, No. 2145, § 63; 2007, No. 608, § 1; 2007, No. 1049, § 85; 2009, No. 1480, § 104.
Ark. Code Ann. § 24-4-726 — AR Code / Title 24 / Chapter 4 / Subchapter 7 / Section 24-4-726
[Repealed]
Status: repealed

Amended by Act 2019, No. 315,§ 2861, eff. 7/24/2019. Repealed by Act 2019, No. 448,§ 10, eff. 3/13/2019. Amended by Act 2019, No. 910,§ 1020, eff. 7/1/2019. Amended by Act 2019, No. 910,§ 1019, eff. 7/1/2019. Acts 1965 (2nd Ex. Sess.), No. 12, §§ 1-3, 5, 7, 8; A.S.A. 1947, §§ 12-2555 -- 12-2557, 12-2559, 12-2561, 12-2562.

Amended by Act 2019, No. 315,§ 2861, eff. 7/24/2019.

Repealed by Act 2019, No. 448,§ 10, eff. 3/13/2019.

Amended by Act 2019, No. 910,§ 1020, eff. 7/1/2019.

Amended by Act 2019, No. 910,§ 1019, eff. 7/1/2019.

Acts 1965 (2nd Ex. Sess.), No. 12, §§ 1-3, 5, 7, 8; A.S.A. 1947, §§ 12-2555 -- 12-2557, 12-2559, 12-2561, 12-2562.
Ark. Code Ann. § 24-12-124 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-124
Mayors of cities of the second class
Status: in_force

(a) (1) A person who has served as mayor of a city of the second class for at least twenty (20) years may retire at any age, and a person who has served as a mayor of a city of the second class for at least sixteen (16) years may retire upon reaching sixty-five (65) years of age. (2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added. (3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city. (b) The governing body of a city of the second class may prescribe the retirement benefits of a person who has served as mayor of the city of the second class and meets the requirements of subsection (a) of this section. (c) Any mayor who retired before March 18, 1985, and received benefits under prior acts of the General Assembly shall be entitled to continue receiving benefits under the prior acts. Acts 1985, No. 388, §§ 1, 2; A.S.A. 1947, §§ 19-1115, 19-1116; Acts 2007, No. 293, § 3; 2009, No. 144, § 1.

(a) (1) A person who has served as mayor of a city of the second class for at least twenty (20) years may retire at any age, and a person who has served as a mayor of a city of the second class for at least sixteen (16) years may retire upon reaching sixty-five (65) years of age. (2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added. (3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city.

(1) A person who has served as mayor of a city of the second class for at least twenty (20) years may retire at any age, and a person who has served as a mayor of a city of the second class for at least sixteen (16) years may retire upon reaching sixty-five (65) years of age.

(2) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, up to a three percent (3%) cost-of-living increase will be added.

(3) Subdivision (a)(2) of this section applies only if approved by the governing body of the city.

(b) The governing body of a city of the second class may prescribe the retirement benefits of a person who has served as mayor of the city of the second class and meets the requirements of subsection (a) of this section.

(c) Any mayor who retired before March 18, 1985, and received benefits under prior acts of the General Assembly shall be entitled to continue receiving benefits under the prior acts.

Acts 1985, No. 388, §§ 1, 2; A.S.A. 1947, §§ 19-1115, 19-1116; Acts 2007, No. 293, § 3; 2009, No. 144, § 1.
Ark. Code Ann. § 24-10-601 — AR Code / Title 24 / Chapter 10 / Subchapter 6 / Section 24-10-601
Generally
Status: in_force

No benefit shall be paid by the Arkansas Local Police and Fire Retirement System based upon pay which is covered by any other retirement plan, except Social Security. Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.

No benefit shall be paid by the Arkansas Local Police and Fire Retirement System based upon pay which is covered by any other retirement plan, except Social Security.

Acts 1981, No. 364, § 5; A.S.A. 1947, § 12-3805.
Ark. Code Ann. § 24-11-203 — AR Code / Title 24 / Chapter 11 / Subchapter 2 / Section 24-11-203
Arkansas Fire and Police Pension Review Board
Status: in_force

(a) The purpose of this section, which creates and establishes the Arkansas Fire and Police Pension Review Board, is to establish a state pension review board for all municipal firemen's relief and pension funds and policemen's pension and relief funds established under §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , which shall oversee all requests for benefit increases and review the annual financial reports and annual actuarial valuations required by this subchapter. (b) (1) The Arkansas Fire and Police Pension Review Board shall be composed of nine (9) persons as follows: (A) Two (2) firefighters, an active member, retired member, or a deferred retirement option plan participant, one (1) of whom shall be appointed by the Governor after consulting the Arkansas State Firefighters Association and the other after consulting the Arkansas Professional Fire Fighters Association and subject to confirmation by the Senate; (B) Two (2) police officers, an active member, retired member, or a deferred retirement option plan participant, to be appointed by the Governor after consulting the Arkansas Municipal Police Association and the Fraternal Order of Police and subject to confirmation by the Senate; (C) Three (3) persons to be appointed by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate; (D) One (1) person who is not a member, retirant, or beneficiary of the Arkansas Local Police and Fire Retirement System and who is not a current or former member of the governing body of any political subdivision, to be appointed by the Governor from a list of persons submitted to the Governor by the Joint Committee on Public Retirement and Social Security Programs; and (E) The Secretary of the Department of Finance and Administration or the secretary's designee. (2) The Arkansas Fire and Police Pension Review Board shall elect one (1) of its members as chair. (c) Members of the Arkansas Fire and Police Pension Review Board who are appointed as employee members must be active members, retired firefighters or police officers, or deferred retirement option plan participants of local firemen's relief and pension funds and policemen's pension and relief funds established under §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 . (d) (1) Members of the Arkansas Fire and Police Pension Review Board who are appointed as employer members shall be elected or appointed officials of municipalities or fire protection districts with established firemen's relief and pension funds or policemen's pension and relief funds. (2) However, employer members shall not be from the same municipality or fire protection district. (e) (1) The normal term of office shall be four (4) years from January 1 next following the appointment. (2) Each member of the Arkansas Fire and Police Pension Review Board shall continue to serve until a successor has been appointed and has qualified. (f) (1) In the event any employee member of the Arkansas Fire and Police Pension Review Board ceases to be an active or retired member or a deferred retirement option plan participant of a local pension fund, or any employer member of the Arkansas Fire and Police Pension Review Board ceases to be an appointed or elected official of an employer or becomes a member of a local pension fund, or if the citizen member of the Arkansas Fire and Police Pension Review Board becomes a member of a local pension fund or an elected or appointed official of an employer, or if any board member fails to attend three (3) consecutive meetings of the board, unless in each case excused for cause by the remaining board members attending the meeting or meetings, the member shall be considered as having resigned from the board, and the board shall declare by resolution the office of that member vacated. (2) If a vacancy occurs in the office of a member, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. (3) From the time a vacancy in the office of a member occurs and the board has begun the steps to see that the vacancy will be filled and before the time the vacancy is filled, the members in office may elect a person by majority vote to fill temporarily the vacancy for the interim period, but in no event for a period longer than one (1) year. (g) (1) The executive director and staff of the Arkansas Local Police and Fire Retirement System shall serve as executive director and staff for the Arkansas Fire and Police Pension Review Board. (2) (A) The Arkansas Fire and Police Pension Review Board or its designated members may meet in executive session with the Board of Trustees of the Arkansas Local Police and Fire Retirement System or its designated members for the purposes stated in and subject to the provisions of § 25-19-106(c) concerning the boards' executive director, staff, or persons being considered for any of those positions. (B) (i) When applicable, records created by or at the instruction of the Arkansas Fire and Police Pension Review Board concerning the boards' executive director or staff shall be considered personnel records or job evaluation or performance records for purposes of and subject to the provisions of § 25-19-105(b)(12) and § 25-19-105(c) . (ii) The records in subdivision (g)(2)(B)(i) of this section may be made available to the Arkansas Fire and Police Pension Review Board or its designated members and the boards' executive director. (h) (1) The board shall be responsible for reviewing and approving at least one (1) time annually all actions taken by the staff in regard to benefit increase requests and administration of the disclosure and reporting requirements under this subchapter. (2) All benefit increase determinations shall be made in compliance with the provisions of §§ 24-11-101 - 24-11-103 . (i) (1) The board shall have the power to make all rules necessary to enforce the laws governing funding standards and benefit levels for firemen's relief and pension fund and police pension and relief funds. Further, the board shall have the authority to make all rules necessary to assure continued tax qualification of each firemen's relief and pension fund and policemen's pension and relief fund that is subject to this subchapter. (2) All rules must be promulgated in accordance with the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq. In addition, all rules relating to continued tax qualification of such plans shall be specifically presented to the Joint Committee on Public Retirement and Social Security Programs, or the Legislative Council when the General Assembly is not in session, for review prior to final adoption. (j) (1) Expenses incurred by the board for performing annual actuarial valuations and for all other administrative services to local pension funds shall be paid from the revenues derived from premium taxes levied by the state on insurers for the support of fire and police retirement programs. (2) The board shall report its administrative and actuarial expenses budgeted for the current year to the Department of Finance and Administration by or on April 30 of each year. (3) The board shall establish a portion of the insurance tax revenues to use to meet its proper administrative expenses each year, but the board shall not be entitled to more than one percent (1%) of the insurance tax revenues. (4) Each member of the board may receive expense reimbursement and stipends under § 25-16-901 et seq. (k) (1) On or before June 15 of each fiscal year, the Arkansas Fire and Police Pension Review Board shall certify to the Chief Fiscal Officer of the State the amount of funding it recommends for disbursement in the ensuing fiscal year to underfunded municipal fire and police relief and pension plans as defined in § 24-11-217 . (2) After receiving the certification required under subdivision (k)(1) of this section, the Chief Fiscal Officer of the State shall immediately transfer on his or her books and the books of the Treasurer of State the lesser of the total amount recommended by the Arkansas Fire and Police Pension Review Board or the amount appropriated by the General Assembly for the ensuing fiscal year from the Revenue Holding Fund Account to the Firemen's and Police Officers' Pension and Relief Fund for distribution to the recommended underfunded plans. Amended by Act 2023, No. 796,§ 60, eff. 7/1/2023. Amended by Act 2019, No. 315,§ 2898, eff. 7/24/2019. Amended by Act 2019, No. 910,§ 3561, eff. 7/1/2019. Amended by Act 2015, No. 1165,§ 3, eff. 7/22/2015. Amended by Act 2015, No. 1100,§ 59, eff. 7/22/2015. Amended by Act 2013, No. 41,§ 3, eff. 2/6/2013. Acts 1983, No. 381, §§ 1, 2; 1985, No. 383, § 2; 1985, No. 992, § 2; A.S.A. 1947, §§ 19-5706, 19-5707; Acts 1987, No. 142, § 1; 1995, No. 132, § 1; 1995, No. 1266, § 1; 1997, No. 250, § 234; 1999, No. 543, § 1; 1999, No. 670, § 1; 2001, No. 1542, § 1; 2005, No. 161, § 1; 2007, No. 73, § 1.

(a) The purpose of this section, which creates and establishes the Arkansas Fire and Police Pension Review Board, is to establish a state pension review board for all municipal firemen's relief and pension funds and policemen's pension and relief funds established under §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 , which shall oversee all requests for benefit increases and review the annual financial reports and annual actuarial valuations required by this subchapter.

(b) (1) The Arkansas Fire and Police Pension Review Board shall be composed of nine (9) persons as follows: (A) Two (2) firefighters, an active member, retired member, or a deferred retirement option plan participant, one (1) of whom shall be appointed by the Governor after consulting the Arkansas State Firefighters Association and the other after consulting the Arkansas Professional Fire Fighters Association and subject to confirmation by the Senate; (B) Two (2) police officers, an active member, retired member, or a deferred retirement option plan participant, to be appointed by the Governor after consulting the Arkansas Municipal Police Association and the Fraternal Order of Police and subject to confirmation by the Senate; (C) Three (3) persons to be appointed by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate; (D) One (1) person who is not a member, retirant, or beneficiary of the Arkansas Local Police and Fire Retirement System and who is not a current or former member of the governing body of any political subdivision, to be appointed by the Governor from a list of persons submitted to the Governor by the Joint Committee on Public Retirement and Social Security Programs; and (E) The Secretary of the Department of Finance and Administration or the secretary's designee. (2) The Arkansas Fire and Police Pension Review Board shall elect one (1) of its members as chair.

(1) The Arkansas Fire and Police Pension Review Board shall be composed of nine (9) persons as follows: (A) Two (2) firefighters, an active member, retired member, or a deferred retirement option plan participant, one (1) of whom shall be appointed by the Governor after consulting the Arkansas State Firefighters Association and the other after consulting the Arkansas Professional Fire Fighters Association and subject to confirmation by the Senate; (B) Two (2) police officers, an active member, retired member, or a deferred retirement option plan participant, to be appointed by the Governor after consulting the Arkansas Municipal Police Association and the Fraternal Order of Police and subject to confirmation by the Senate; (C) Three (3) persons to be appointed by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate; (D) One (1) person who is not a member, retirant, or beneficiary of the Arkansas Local Police and Fire Retirement System and who is not a current or former member of the governing body of any political subdivision, to be appointed by the Governor from a list of persons submitted to the Governor by the Joint Committee on Public Retirement and Social Security Programs; and (E) The Secretary of the Department of Finance and Administration or the secretary's designee.

(A) Two (2) firefighters, an active member, retired member, or a deferred retirement option plan participant, one (1) of whom shall be appointed by the Governor after consulting the Arkansas State Firefighters Association and the other after consulting the Arkansas Professional Fire Fighters Association and subject to confirmation by the Senate;

(B) Two (2) police officers, an active member, retired member, or a deferred retirement option plan participant, to be appointed by the Governor after consulting the Arkansas Municipal Police Association and the Fraternal Order of Police and subject to confirmation by the Senate;

(C) Three (3) persons to be appointed by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate;

(D) One (1) person who is not a member, retirant, or beneficiary of the Arkansas Local Police and Fire Retirement System and who is not a current or former member of the governing body of any political subdivision, to be appointed by the Governor from a list of persons submitted to the Governor by the Joint Committee on Public Retirement and Social Security Programs; and

(E) The Secretary of the Department of Finance and Administration or the secretary's designee.

(2) The Arkansas Fire and Police Pension Review Board shall elect one (1) of its members as chair.

(c) Members of the Arkansas Fire and Police Pension Review Board who are appointed as employee members must be active members, retired firefighters or police officers, or deferred retirement option plan participants of local firemen's relief and pension funds and policemen's pension and relief funds established under §§ 14-52-106 , 24-11-401 - 24-11-403 , 24-11-405 - 24-11-413 , 24-11-416 , 24-11-417 , 24-11-422 , 24-11-423 , 24-11-425 , 24-11-428 - 24-11-430 , 24-11-801 - 24-11-807 , 24-11-809 , 24-11-813 - 24-11-815 , and 24-11-818 - 24-11-820 .

(d) (1) Members of the Arkansas Fire and Police Pension Review Board who are appointed as employer members shall be elected or appointed officials of municipalities or fire protection districts with established firemen's relief and pension funds or policemen's pension and relief funds. (2) However, employer members shall not be from the same municipality or fire protection district.

(1) Members of the Arkansas Fire and Police Pension Review Board who are appointed as employer members shall be elected or appointed officials of municipalities or fire protection districts with established firemen's relief and pension funds or policemen's pension and relief funds.

(2) However, employer members shall not be from the same municipality or fire protection district.

(e) (1) The normal term of office shall be four (4) years from January 1 next following the appointment. (2) Each member of the Arkansas Fire and Police Pension Review Board shall continue to serve until a successor has been appointed and has qualified.

(1) The normal term of office shall be four (4) years from January 1 next following the appointment.

(2) Each member of the Arkansas Fire and Police Pension Review Board shall continue to serve until a successor has been appointed and has qualified.

(f) (1) In the event any employee member of the Arkansas Fire and Police Pension Review Board ceases to be an active or retired member or a deferred retirement option plan participant of a local pension fund, or any employer member of the Arkansas Fire and Police Pension Review Board ceases to be an appointed or elected official of an employer or becomes a member of a local pension fund, or if the citizen member of the Arkansas Fire and Police Pension Review Board becomes a member of a local pension fund or an elected or appointed official of an employer, or if any board member fails to attend three (3) consecutive meetings of the board, unless in each case excused for cause by the remaining board members attending the meeting or meetings, the member shall be considered as having resigned from the board, and the board shall declare by resolution the office of that member vacated. (2) If a vacancy occurs in the office of a member, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. (3) From the time a vacancy in the office of a member occurs and the board has begun the steps to see that the vacancy will be filled and before the time the vacancy is filled, the members in office may elect a person by majority vote to fill temporarily the vacancy for the interim period, but in no event for a period longer than one (1) year.

(1) In the event any employee member of the Arkansas Fire and Police Pension Review Board ceases to be an active or retired member or a deferred retirement option plan participant of a local pension fund, or any employer member of the Arkansas Fire and Police Pension Review Board ceases to be an appointed or elected official of an employer or becomes a member of a local pension fund, or if the citizen member of the Arkansas Fire and Police Pension Review Board becomes a member of a local pension fund or an elected or appointed official of an employer, or if any board member fails to attend three (3) consecutive meetings of the board, unless in each case excused for cause by the remaining board members attending the meeting or meetings, the member shall be considered as having resigned from the board, and the board shall declare by resolution the office of that member vacated.

(2) If a vacancy occurs in the office of a member, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

(3) From the time a vacancy in the office of a member occurs and the board has begun the steps to see that the vacancy will be filled and before the time the vacancy is filled, the members in office may elect a person by majority vote to fill temporarily the vacancy for the interim period, but in no event for a period longer than one (1) year.

(g) (1) The executive director and staff of the Arkansas Local Police and Fire Retirement System shall serve as executive director and staff for the Arkansas Fire and Police Pension Review Board. (2) (A) The Arkansas Fire and Police Pension Review Board or its designated members may meet in executive session with the Board of Trustees of the Arkansas Local Police and Fire Retirement System or its designated members for the purposes stated in and subject to the provisions of § 25-19-106(c) concerning the boards' executive director, staff, or persons being considered for any of those positions. (B) (i) When applicable, records created by or at the instruction of the Arkansas Fire and Police Pension Review Board concerning the boards' executive director or staff shall be considered personnel records or job evaluation or performance records for purposes of and subject to the provisions of § 25-19-105(b)(12) and § 25-19-105(c) . (ii) The records in subdivision (g)(2)(B)(i) of this section may be made available to the Arkansas Fire and Police Pension Review Board or its designated members and the boards' executive director.

(1) The executive director and staff of the Arkansas Local Police and Fire Retirement System shall serve as executive director and staff for the Arkansas Fire and Police Pension Review Board.

(2) (A) The Arkansas Fire and Police Pension Review Board or its designated members may meet in executive session with the Board of Trustees of the Arkansas Local Police and Fire Retirement System or its designated members for the purposes stated in and subject to the provisions of § 25-19-106(c) concerning the boards' executive director, staff, or persons being considered for any of those positions. (B) (i) When applicable, records created by or at the instruction of the Arkansas Fire and Police Pension Review Board concerning the boards' executive director or staff shall be considered personnel records or job evaluation or performance records for purposes of and subject to the provisions of § 25-19-105(b)(12) and § 25-19-105(c) . (ii) The records in subdivision (g)(2)(B)(i) of this section may be made available to the Arkansas Fire and Police Pension Review Board or its designated members and the boards' executive director.

(A) The Arkansas Fire and Police Pension Review Board or its designated members may meet in executive session with the Board of Trustees of the Arkansas Local Police and Fire Retirement System or its designated members for the purposes stated in and subject to the provisions of § 25-19-106(c) concerning the boards' executive director, staff, or persons being considered for any of those positions.

(B) (i) When applicable, records created by or at the instruction of the Arkansas Fire and Police Pension Review Board concerning the boards' executive director or staff shall be considered personnel records or job evaluation or performance records for purposes of and subject to the provisions of § 25-19-105(b)(12) and § 25-19-105(c) . (ii) The records in subdivision (g)(2)(B)(i) of this section may be made available to the Arkansas Fire and Police Pension Review Board or its designated members and the boards' executive director.

(i) When applicable, records created by or at the instruction of the Arkansas Fire and Police Pension Review Board concerning the boards' executive director or staff shall be considered personnel records or job evaluation or performance records for purposes of and subject to the provisions of § 25-19-105(b)(12) and § 25-19-105(c) .

(ii) The records in subdivision (g)(2)(B)(i) of this section may be made available to the Arkansas Fire and Police Pension Review Board or its designated members and the boards' executive director.

(h) (1) The board shall be responsible for reviewing and approving at least one (1) time annually all actions taken by the staff in regard to benefit increase requests and administration of the disclosure and reporting requirements under this subchapter. (2) All benefit increase determinations shall be made in compliance with the provisions of §§ 24-11-101 - 24-11-103 .

(1) The board shall be responsible for reviewing and approving at least one (1) time annually all actions taken by the staff in regard to benefit increase requests and administration of the disclosure and reporting requirements under this subchapter.

(2) All benefit increase determinations shall be made in compliance with the provisions of §§ 24-11-101 - 24-11-103 .

(i) (1) The board shall have the power to make all rules necessary to enforce the laws governing funding standards and benefit levels for firemen's relief and pension fund and police pension and relief funds. Further, the board shall have the authority to make all rules necessary to assure continued tax qualification of each firemen's relief and pension fund and policemen's pension and relief fund that is subject to this subchapter. (2) All rules must be promulgated in accordance with the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq. In addition, all rules relating to continued tax qualification of such plans shall be specifically presented to the Joint Committee on Public Retirement and Social Security Programs, or the Legislative Council when the General Assembly is not in session, for review prior to final adoption.

(1) The board shall have the power to make all rules necessary to enforce the laws governing funding standards and benefit levels for firemen's relief and pension fund and police pension and relief funds. Further, the board shall have the authority to make all rules necessary to assure continued tax qualification of each firemen's relief and pension fund and policemen's pension and relief fund that is subject to this subchapter.

(2) All rules must be promulgated in accordance with the provisions of the Arkansas Administrative Procedure Act, § 25-15-201 et seq. In addition, all rules relating to continued tax qualification of such plans shall be specifically presented to the Joint Committee on Public Retirement and Social Security Programs, or the Legislative Council when the General Assembly is not in session, for review prior to final adoption.

(j) (1) Expenses incurred by the board for performing annual actuarial valuations and for all other administrative services to local pension funds shall be paid from the revenues derived from premium taxes levied by the state on insurers for the support of fire and police retirement programs. (2) The board shall report its administrative and actuarial expenses budgeted for the current year to the Department of Finance and Administration by or on April 30 of each year. (3) The board shall establish a portion of the insurance tax revenues to use to meet its proper administrative expenses each year, but the board shall not be entitled to more than one percent (1%) of the insurance tax revenues. (4) Each member of the board may receive expense reimbursement and stipends under § 25-16-901 et seq.

(1) Expenses incurred by the board for performing annual actuarial valuations and for all other administrative services to local pension funds shall be paid from the revenues derived from premium taxes levied by the state on insurers for the support of fire and police retirement programs.

(2) The board shall report its administrative and actuarial expenses budgeted for the current year to the Department of Finance and Administration by or on April 30 of each year.

(3) The board shall establish a portion of the insurance tax revenues to use to meet its proper administrative expenses each year, but the board shall not be entitled to more than one percent (1%) of the insurance tax revenues.

(4) Each member of the board may receive expense reimbursement and stipends under § 25-16-901 et seq.

(k) (1) On or before June 15 of each fiscal year, the Arkansas Fire and Police Pension Review Board shall certify to the Chief Fiscal Officer of the State the amount of funding it recommends for disbursement in the ensuing fiscal year to underfunded municipal fire and police relief and pension plans as defined in § 24-11-217 . (2) After receiving the certification required under subdivision (k)(1) of this section, the Chief Fiscal Officer of the State shall immediately transfer on his or her books and the books of the Treasurer of State the lesser of the total amount recommended by the Arkansas Fire and Police Pension Review Board or the amount appropriated by the General Assembly for the ensuing fiscal year from the Revenue Holding Fund Account to the Firemen's and Police Officers' Pension and Relief Fund for distribution to the recommended underfunded plans.

(1) On or before June 15 of each fiscal year, the Arkansas Fire and Police Pension Review Board shall certify to the Chief Fiscal Officer of the State the amount of funding it recommends for disbursement in the ensuing fiscal year to underfunded municipal fire and police relief and pension plans as defined in § 24-11-217 .

(2) After receiving the certification required under subdivision (k)(1) of this section, the Chief Fiscal Officer of the State shall immediately transfer on his or her books and the books of the Treasurer of State the lesser of the total amount recommended by the Arkansas Fire and Police Pension Review Board or the amount appropriated by the General Assembly for the ensuing fiscal year from the Revenue Holding Fund Account to the Firemen's and Police Officers' Pension and Relief Fund for distribution to the recommended underfunded plans.

Amended by Act 2023, No. 796,§ 60, eff. 7/1/2023.

Amended by Act 2019, No. 315,§ 2898, eff. 7/24/2019.

Amended by Act 2019, No. 910,§ 3561, eff. 7/1/2019.

Amended by Act 2015, No. 1165,§ 3, eff. 7/22/2015.

Amended by Act 2015, No. 1100,§ 59, eff. 7/22/2015.

Amended by Act 2013, No. 41,§ 3, eff. 2/6/2013.

Acts 1983, No. 381, §§ 1, 2; 1985, No. 383, § 2; 1985, No. 992, § 2; A.S.A. 1947, §§ 19-5706, 19-5707; Acts 1987, No. 142, § 1; 1995, No. 132, § 1; 1995, No. 1266, § 1; 1997, No. 250, § 234; 1999, No. 543, § 1; 1999, No. 670, § 1; 2001, No. 1542, § 1; 2005, No. 161, § 1; 2007, No. 73, § 1.
Ark. Code Ann. § 24-12-123 — AR Code / Title 24 / Chapter 12 / Subchapter 1 / Section 24-12-123
Mayors of cities of the first class
Status: in_force

(a) (1) (A) In all cities of the first class in this state, any person who shall serve as mayor of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as mayor of the city for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of the person's natural life, payable at the rate of one-half (½) of the person's mayoral salary at the completion of his or her last term as mayor. (B) The governing body of the city may provide by ordinance that any person who has served as mayor for a period of not less than ten (10) years may retire upon reaching age fifty-five (55) with the benefits provided under this section. (2) The retirement payments shall be paid monthly and shall be paid from the city general fund. (3) However, a mayor who has served as an elected official or employee of that city prior to or after the person's service as mayor shall count his or her service as an elected official or employee of that city towards the mayor's retirement as follows: (A) At the rate of one (1) year of a mayor's retirement for each two (2) years served as an elected official or an employee of that city up to a maximum of an additional two (2) years' credit towards a mayor's retirement benefit; (B) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of three (3) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-two (52) years of age; or (C) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of four (4) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-four (54) years of age. (4) The minimum retirement benefits shall be two hundred fifty dollars ($250) per month for both salaried and nonsalaried mayors. (5) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, a cost-of-living increase of up to three percent (3%) will be added. (6) Subdivision (a)(5) of this section applies only if approved by the governing body of the city. (b) (1) On the death of any mayor retired under the provisions of subsection (a) of this section or any other acts of the General Assembly, or any mayor who dies in office after becoming eligible to retire under subsection (a) of this section or any other acts of the General Assembly, the spouse of the mayor married to the mayor for ten (10) years or longer may, at the option of the governing body of the city, receive one-half (½) of the retirement benefit the retired mayor was receiving or one-half (½) of the retirement benefit the mayor who died in office was entitled to receive. (2) However, upon remarriage of the spouse, the benefits shall cease. (3) The provisions of this subsection are retroactive to November 1, 1983, at the sole discretion of the governing body of the city. (c) Any mayor retired prior to July 20, 1987, and receiving benefits under prior acts of the General Assembly shall be entitled to continue receiving benefits under the prior acts. (d) By January 31 of each year in which a petition for election to the office of mayor may be filed, the governing body of the city may by ordinance vote to decrease a benefit available under this section if: (1) An actuarial study supports the need to lower a benefit available under this section; (2) The actuarial study supporting the need to lower a benefit available under this section is attached as an exhibit to the ordinance; (3) The benefit available under this section is not decreased to an amount that is less than two hundred fifty dollars ($250); (4) The ordinance does not apply to a person who: (A) Serves as mayor before December 31, 2022; (B) Served or is serving as mayor at the time an ordinance decreasing a benefit available under this section is effective; or (C) Filed or has filed for election to the office of mayor at the time an ordinance decreasing a benefit available under this section is effective; and (5) The decrease of a benefit available under this section does not apply retroactively. (e) Under § 14-42-117 , a mayor who receives a retirement benefit from a city under this section shall not be entitled to any retirement benefit based upon service for the same period from any other state authorized plan. Amended by Act 2023, No. 496,§ 2, eff. 8/1/2023. Amended by Act 2023, No. 496,§ 1, eff. 8/1/2023. Amended by Act 2019, No. 948,§ 1, eff. 7/24/2019. Acts 1987, No. 414, §§ 1-3; 1997, No. 212, § 1; 2001, No. 1615, § 1; 2001, No. 1700, § 1; 2007, No. 293, § 2.

(a) (1) (A) In all cities of the first class in this state, any person who shall serve as mayor of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as mayor of the city for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of the person's natural life, payable at the rate of one-half (½) of the person's mayoral salary at the completion of his or her last term as mayor. (B) The governing body of the city may provide by ordinance that any person who has served as mayor for a period of not less than ten (10) years may retire upon reaching age fifty-five (55) with the benefits provided under this section. (2) The retirement payments shall be paid monthly and shall be paid from the city general fund. (3) However, a mayor who has served as an elected official or employee of that city prior to or after the person's service as mayor shall count his or her service as an elected official or employee of that city towards the mayor's retirement as follows: (A) At the rate of one (1) year of a mayor's retirement for each two (2) years served as an elected official or an employee of that city up to a maximum of an additional two (2) years' credit towards a mayor's retirement benefit; (B) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of three (3) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-two (52) years of age; or (C) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of four (4) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-four (54) years of age. (4) The minimum retirement benefits shall be two hundred fifty dollars ($250) per month for both salaried and nonsalaried mayors. (5) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, a cost-of-living increase of up to three percent (3%) will be added. (6) Subdivision (a)(5) of this section applies only if approved by the governing body of the city.

(1) (A) In all cities of the first class in this state, any person who shall serve as mayor of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as mayor of the city for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of the person's natural life, payable at the rate of one-half (½) of the person's mayoral salary at the completion of his or her last term as mayor. (B) The governing body of the city may provide by ordinance that any person who has served as mayor for a period of not less than ten (10) years may retire upon reaching age fifty-five (55) with the benefits provided under this section.

(A) In all cities of the first class in this state, any person who shall serve as mayor of the city for a period of not less than ten (10) years, upon reaching age sixty (60), or any person who shall serve as mayor of the city for a period of not less than twenty (20) years, without regard to age, shall be entitled to retire at an annual retirement benefit during the remainder of the person's natural life, payable at the rate of one-half (½) of the person's mayoral salary at the completion of his or her last term as mayor.

(B) The governing body of the city may provide by ordinance that any person who has served as mayor for a period of not less than ten (10) years may retire upon reaching age fifty-five (55) with the benefits provided under this section.

(2) The retirement payments shall be paid monthly and shall be paid from the city general fund.

(3) However, a mayor who has served as an elected official or employee of that city prior to or after the person's service as mayor shall count his or her service as an elected official or employee of that city towards the mayor's retirement as follows: (A) At the rate of one (1) year of a mayor's retirement for each two (2) years served as an elected official or an employee of that city up to a maximum of an additional two (2) years' credit towards a mayor's retirement benefit; (B) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of three (3) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-two (52) years of age; or (C) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of four (4) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-four (54) years of age.

(A) At the rate of one (1) year of a mayor's retirement for each two (2) years served as an elected official or an employee of that city up to a maximum of an additional two (2) years' credit towards a mayor's retirement benefit;

(B) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of three (3) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-two (52) years of age; or

(C) If authorized by a city ordinance, at the rate of one (1) year of a mayor's retirement benefit for each two (2) years served as an elected official or an employee of that city up to a maximum of four (4) additional years' credit towards a mayor's retirement benefit if the person has not fewer than twenty (20) years of mayor's credit and is at least fifty-four (54) years of age.

(4) The minimum retirement benefits shall be two hundred fifty dollars ($250) per month for both salaried and nonsalaried mayors.

(5) On January 1 of each year, if a retiree under this section has been retired for at least twelve (12) full months, a cost-of-living increase of up to three percent (3%) will be added.

(6) Subdivision (a)(5) of this section applies only if approved by the governing body of the city.

(b) (1) On the death of any mayor retired under the provisions of subsection (a) of this section or any other acts of the General Assembly, or any mayor who dies in office after becoming eligible to retire under subsection (a) of this section or any other acts of the General Assembly, the spouse of the mayor married to the mayor for ten (10) years or longer may, at the option of the governing body of the city, receive one-half (½) of the retirement benefit the retired mayor was receiving or one-half (½) of the retirement benefit the mayor who died in office was entitled to receive. (2) However, upon remarriage of the spouse, the benefits shall cease. (3) The provisions of this subsection are retroactive to November 1, 1983, at the sole discretion of the governing body of the city.

(1) On the death of any mayor retired under the provisions of subsection (a) of this section or any other acts of the General Assembly, or any mayor who dies in office after becoming eligible to retire under subsection (a) of this section or any other acts of the General Assembly, the spouse of the mayor married to the mayor for ten (10) years or longer may, at the option of the governing body of the city, receive one-half (½) of the retirement benefit the retired mayor was receiving or one-half (½) of the retirement benefit the mayor who died in office was entitled to receive.

(2) However, upon remarriage of the spouse, the benefits shall cease.

(3) The provisions of this subsection are retroactive to November 1, 1983, at the sole discretion of the governing body of the city.

(c) Any mayor retired prior to July 20, 1987, and receiving benefits under prior acts of the General Assembly shall be entitled to continue receiving benefits under the prior acts.

(d) By January 31 of each year in which a petition for election to the office of mayor may be filed, the governing body of the city may by ordinance vote to decrease a benefit available under this section if: (1) An actuarial study supports the need to lower a benefit available under this section; (2) The actuarial study supporting the need to lower a benefit available under this section is attached as an exhibit to the ordinance; (3) The benefit available under this section is not decreased to an amount that is less than two hundred fifty dollars ($250); (4) The ordinance does not apply to a person who: (A) Serves as mayor before December 31, 2022; (B) Served or is serving as mayor at the time an ordinance decreasing a benefit available under this section is effective; or (C) Filed or has filed for election to the office of mayor at the time an ordinance decreasing a benefit available under this section is effective; and (5) The decrease of a benefit available under this section does not apply retroactively.

(1) An actuarial study supports the need to lower a benefit available under this section;

(2) The actuarial study supporting the need to lower a benefit available under this section is attached as an exhibit to the ordinance;

(3) The benefit available under this section is not decreased to an amount that is less than two hundred fifty dollars ($250);

(4) The ordinance does not apply to a person who: (A) Serves as mayor before December 31, 2022; (B) Served or is serving as mayor at the time an ordinance decreasing a benefit available under this section is effective; or (C) Filed or has filed for election to the office of mayor at the time an ordinance decreasing a benefit available under this section is effective; and

(A) Serves as mayor before December 31, 2022;

(B) Served or is serving as mayor at the time an ordinance decreasing a benefit available under this section is effective; or

(C) Filed or has filed for election to the office of mayor at the time an ordinance decreasing a benefit available under this section is effective; and

(5) The decrease of a benefit available under this section does not apply retroactively.

(e) Under § 14-42-117 , a mayor who receives a retirement benefit from a city under this section shall not be entitled to any retirement benefit based upon service for the same period from any other state authorized plan.

Amended by Act 2023, No. 496,§ 2, eff. 8/1/2023.

Amended by Act 2023, No. 496,§ 1, eff. 8/1/2023.

Amended by Act 2019, No. 948,§ 1, eff. 7/24/2019.

Acts 1987, No. 414, §§ 1-3; 1997, No. 212, § 1; 2001, No. 1615, § 1; 2001, No. 1700, § 1; 2007, No. 293, § 2.
Ark. Code Ann. § 24-6-204 — AR Code / Title 24 / Chapter 6 / Subchapter 2 / Section 24-6-204
Board of trustees
Status: in_force

(a) (1) The Board of Trustees of the State Police Retirement System is created. (2) (A) The board shall consist of seven (7) trustees, as follows: (i) One (1) active or retired member enrolled in the Tier I benefits program; (ii) One (1) active vested member enrolled in the Tier II benefits program; (iii) One (1) state police commissioner who shall be appointed by the Governor; (iv) The Chief Fiscal Officer of the State or his or her designee; and (v) (a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police. (B) The elections of member trustees shall be held under rules as the board shall from time to time adopt to govern the elections. (C) The regular term of office of a member trustee shall be seven (7) years. (D) The elections of the board's officer members shall be held under rules as the board shall from time to time adopt to govern elections. (E) At the board's first regular meeting following July 1, 2009, the members who are on the board shall draw lots to determine the length of terms. (F) The terms shall be staggered in the following manner: (i) One (1) member's term shall expire July 1, 2010; (ii) One (1) member's term shall expire July 1, 2011; (iii) One (1) member's term shall expire July 1, 2012; (iv) One (1) member's term shall expire July 1, 2013; (v) One (1) member's term shall expire July 1, 2014; (vi) One (1) member's term shall expire July 1, 2015; and (vii) One (1) member's term shall expire July 1, 2016. (b) (1) The board by resolution shall declare the office of a trustee vacated as of the date of the adoption of the resolution if the trustee: (A) Ceases to be a state police officer; or (B) Fails to attend scheduled meetings of the board for three (3) consecutive meetings unless, in each case, he or she is excused by the remaining trustees attending the meetings. (2) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled. (c) (1) The administration, management, and control of the State Police Retirement System shall be vested in the board. (2) (A) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the Executive Secretary of the State Police Retirement System and the administrative staff of the State Police Retirement System. (B) All administrative records of the State Police Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System. (3) (A) The executive secretary shall be the disbursing agent of all appropriations made by the General Assembly out of the State Police Retirement Fund. (B) The executive secretary shall furnish and file with the Auditor of State a bond with a corporate guaranty or indemnity surety thereon in the penal sum of two thousand dollars ($2,000), the premium on which shall be paid from appropriations made available to the division. (d) The Attorney General shall serve as legal advisor to the board. (e) (1) The board shall hold meetings regularly, at least one (1) in each quarter year, and shall designate the time and place of the meetings. (2) Special meetings may be held in accordance with rules as the board shall adopt. (3) Four (4) board members, including one (1) officer member, shall constitute a quorum at any meeting of the board, and at least four (4) concurring votes shall be necessary for a decision by the board at any of its meetings. (4) The board shall adopt its own rules or procedures and shall keep a record of its proceedings, which shall be open to public inspection. (f) In addition to other duties that are imposed upon the board by this subchapter, the board shall: (1) Make all rules from time to time as it shall deem necessary in the transaction of its business and in administering the State Police Retirement System; (2) Provide for the administrative direction and control of the executive secretary in the performance of his or her duties as executive secretary; (3) Provide for an actuarial valuation of the assets and liabilities of the State Police Retirement System or the retirement reserve account at least one (1) time in each four-year period from and after December 31, 1958; (4) Adopt mortality and other tables of experience and rates of regular interest that are required for the proper operation of the State Police Retirement System; (5) Perform the duties of trustee without additional compensation. However, trustees may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (6) (A) Do all things necessary for the proper administration of the State Police Retirement System and for carrying out and making effective the provisions of this subchapter. (B) However, no recommendations for benefit enhancements shall be made that would cause the actuarially accrued unfunded liabilities of the State Police Retirement System to exceed thirty (30) years. Amended by Act 2023, No. 436,§ 2, eff. 8/1/2023. Amended by Act 2021, No. 415,§ 1, eff. 7/28/2021. Amended by Act 2019, No. 315,§ 2871, eff. 7/24/2019. Acts 1951, No. 311, §§ 2, 9; 1959, No. 484, § 2; 1969, No. 647, § 1; A.S.A. 1947, §§ 42-452, 42-452.1, 42-459; Acts 1989, No. 23, § 1; 1989, No. 529, § 4[5]; 1997, No. 250, § 230; 2005, No. 68, § 1; 2007, No. 404, § 1; 2009, No. 1242, § 3.

(a) (1) The Board of Trustees of the State Police Retirement System is created. (2) (A) The board shall consist of seven (7) trustees, as follows: (i) One (1) active or retired member enrolled in the Tier I benefits program; (ii) One (1) active vested member enrolled in the Tier II benefits program; (iii) One (1) state police commissioner who shall be appointed by the Governor; (iv) The Chief Fiscal Officer of the State or his or her designee; and (v) (a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police. (B) The elections of member trustees shall be held under rules as the board shall from time to time adopt to govern the elections. (C) The regular term of office of a member trustee shall be seven (7) years. (D) The elections of the board's officer members shall be held under rules as the board shall from time to time adopt to govern elections. (E) At the board's first regular meeting following July 1, 2009, the members who are on the board shall draw lots to determine the length of terms. (F) The terms shall be staggered in the following manner: (i) One (1) member's term shall expire July 1, 2010; (ii) One (1) member's term shall expire July 1, 2011; (iii) One (1) member's term shall expire July 1, 2012; (iv) One (1) member's term shall expire July 1, 2013; (v) One (1) member's term shall expire July 1, 2014; (vi) One (1) member's term shall expire July 1, 2015; and (vii) One (1) member's term shall expire July 1, 2016.

(1) The Board of Trustees of the State Police Retirement System is created.

(2) (A) The board shall consist of seven (7) trustees, as follows: (i) One (1) active or retired member enrolled in the Tier I benefits program; (ii) One (1) active vested member enrolled in the Tier II benefits program; (iii) One (1) state police commissioner who shall be appointed by the Governor; (iv) The Chief Fiscal Officer of the State or his or her designee; and (v) (a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police. (B) The elections of member trustees shall be held under rules as the board shall from time to time adopt to govern the elections. (C) The regular term of office of a member trustee shall be seven (7) years. (D) The elections of the board's officer members shall be held under rules as the board shall from time to time adopt to govern elections. (E) At the board's first regular meeting following July 1, 2009, the members who are on the board shall draw lots to determine the length of terms. (F) The terms shall be staggered in the following manner: (i) One (1) member's term shall expire July 1, 2010; (ii) One (1) member's term shall expire July 1, 2011; (iii) One (1) member's term shall expire July 1, 2012; (iv) One (1) member's term shall expire July 1, 2013; (v) One (1) member's term shall expire July 1, 2014; (vi) One (1) member's term shall expire July 1, 2015; and (vii) One (1) member's term shall expire July 1, 2016.

(A) The board shall consist of seven (7) trustees, as follows: (i) One (1) active or retired member enrolled in the Tier I benefits program; (ii) One (1) active vested member enrolled in the Tier II benefits program; (iii) One (1) state police commissioner who shall be appointed by the Governor; (iv) The Chief Fiscal Officer of the State or his or her designee; and (v) (a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police.

(i) One (1) active or retired member enrolled in the Tier I benefits program;

(ii) One (1) active vested member enrolled in the Tier II benefits program;

(iii) One (1) state police commissioner who shall be appointed by the Governor;

(iv) The Chief Fiscal Officer of the State or his or her designee; and

(v) (a) Three (3) citizens at large who shall be appointed by the Governor. (b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police.

(a) Three (3) citizens at large who shall be appointed by the Governor.

(b) The citizens at large shall have no interest, direct or indirect, in the Division of Arkansas State Police.

(B) The elections of member trustees shall be held under rules as the board shall from time to time adopt to govern the elections.

(C) The regular term of office of a member trustee shall be seven (7) years.

(D) The elections of the board's officer members shall be held under rules as the board shall from time to time adopt to govern elections.

(E) At the board's first regular meeting following July 1, 2009, the members who are on the board shall draw lots to determine the length of terms.

(F) The terms shall be staggered in the following manner: (i) One (1) member's term shall expire July 1, 2010; (ii) One (1) member's term shall expire July 1, 2011; (iii) One (1) member's term shall expire July 1, 2012; (iv) One (1) member's term shall expire July 1, 2013; (v) One (1) member's term shall expire July 1, 2014; (vi) One (1) member's term shall expire July 1, 2015; and (vii) One (1) member's term shall expire July 1, 2016.

(i) One (1) member's term shall expire July 1, 2010;

(ii) One (1) member's term shall expire July 1, 2011;

(iii) One (1) member's term shall expire July 1, 2012;

(iv) One (1) member's term shall expire July 1, 2013;

(v) One (1) member's term shall expire July 1, 2014;

(vi) One (1) member's term shall expire July 1, 2015; and

(vii) One (1) member's term shall expire July 1, 2016.

(b) (1) The board by resolution shall declare the office of a trustee vacated as of the date of the adoption of the resolution if the trustee: (A) Ceases to be a state police officer; or (B) Fails to attend scheduled meetings of the board for three (3) consecutive meetings unless, in each case, he or she is excused by the remaining trustees attending the meetings. (2) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

(1) The board by resolution shall declare the office of a trustee vacated as of the date of the adoption of the resolution if the trustee: (A) Ceases to be a state police officer; or (B) Fails to attend scheduled meetings of the board for three (3) consecutive meetings unless, in each case, he or she is excused by the remaining trustees attending the meetings.

(A) Ceases to be a state police officer; or

(B) Fails to attend scheduled meetings of the board for three (3) consecutive meetings unless, in each case, he or she is excused by the remaining trustees attending the meetings.

(2) If a vacancy occurs in the office of trustee, the vacancy shall be filled for the unexpired term in the same manner as the office was previously filled.

(c) (1) The administration, management, and control of the State Police Retirement System shall be vested in the board. (2) (A) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the Executive Secretary of the State Police Retirement System and the administrative staff of the State Police Retirement System. (B) All administrative records of the State Police Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System. (3) (A) The executive secretary shall be the disbursing agent of all appropriations made by the General Assembly out of the State Police Retirement Fund. (B) The executive secretary shall furnish and file with the Auditor of State a bond with a corporate guaranty or indemnity surety thereon in the penal sum of two thousand dollars ($2,000), the premium on which shall be paid from appropriations made available to the division.

(1) The administration, management, and control of the State Police Retirement System shall be vested in the board.

(2) (A) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the Executive Secretary of the State Police Retirement System and the administrative staff of the State Police Retirement System. (B) All administrative records of the State Police Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System.

(A) The Executive Director of the Arkansas Public Employees' Retirement System and the administrative staff of the Arkansas Public Employees' Retirement System shall be the Executive Secretary of the State Police Retirement System and the administrative staff of the State Police Retirement System.

(B) All administrative records of the State Police Retirement System shall be maintained within the administrative offices of the Arkansas Public Employees' Retirement System.

(3) (A) The executive secretary shall be the disbursing agent of all appropriations made by the General Assembly out of the State Police Retirement Fund. (B) The executive secretary shall furnish and file with the Auditor of State a bond with a corporate guaranty or indemnity surety thereon in the penal sum of two thousand dollars ($2,000), the premium on which shall be paid from appropriations made available to the division.

(A) The executive secretary shall be the disbursing agent of all appropriations made by the General Assembly out of the State Police Retirement Fund.

(B) The executive secretary shall furnish and file with the Auditor of State a bond with a corporate guaranty or indemnity surety thereon in the penal sum of two thousand dollars ($2,000), the premium on which shall be paid from appropriations made available to the division.

(d) The Attorney General shall serve as legal advisor to the board.

(e) (1) The board shall hold meetings regularly, at least one (1) in each quarter year, and shall designate the time and place of the meetings. (2) Special meetings may be held in accordance with rules as the board shall adopt. (3) Four (4) board members, including one (1) officer member, shall constitute a quorum at any meeting of the board, and at least four (4) concurring votes shall be necessary for a decision by the board at any of its meetings. (4) The board shall adopt its own rules or procedures and shall keep a record of its proceedings, which shall be open to public inspection.

(1) The board shall hold meetings regularly, at least one (1) in each quarter year, and shall designate the time and place of the meetings.

(2) Special meetings may be held in accordance with rules as the board shall adopt.

(3) Four (4) board members, including one (1) officer member, shall constitute a quorum at any meeting of the board, and at least four (4) concurring votes shall be necessary for a decision by the board at any of its meetings.

(4) The board shall adopt its own rules or procedures and shall keep a record of its proceedings, which shall be open to public inspection.

(f) In addition to other duties that are imposed upon the board by this subchapter, the board shall: (1) Make all rules from time to time as it shall deem necessary in the transaction of its business and in administering the State Police Retirement System; (2) Provide for the administrative direction and control of the executive secretary in the performance of his or her duties as executive secretary; (3) Provide for an actuarial valuation of the assets and liabilities of the State Police Retirement System or the retirement reserve account at least one (1) time in each four-year period from and after December 31, 1958; (4) Adopt mortality and other tables of experience and rates of regular interest that are required for the proper operation of the State Police Retirement System; (5) Perform the duties of trustee without additional compensation. However, trustees may receive expense reimbursement in accordance with § 25-16-901 et seq.; and (6) (A) Do all things necessary for the proper administration of the State Police Retirement System and for carrying out and making effective the provisions of this subchapter. (B) However, no recommendations for benefit enhancements shall be made that would cause the actuarially accrued unfunded liabilities of the State Police Retirement System to exceed thirty (30) years.

(1) Make all rules from time to time as it shall deem necessary in the transaction of its business and in administering the State Police Retirement System;

(2) Provide for the administrative direction and control of the executive secretary in the performance of his or her duties as executive secretary;

(3) Provide for an actuarial valuation of the assets and liabilities of the State Police Retirement System or the retirement reserve account at least one (1) time in each four-year period from and after December 31, 1958;

(4) Adopt mortality and other tables of experience and rates of regular interest that are required for the proper operation of the State Police Retirement System;

(5) Perform the duties of trustee without additional compensation. However, trustees may receive expense reimbursement in accordance with § 25-16-901 et seq.; and

(6) (A) Do all things necessary for the proper administration of the State Police Retirement System and for carrying out and making effective the provisions of this subchapter. (B) However, no recommendations for benefit enhancements shall be made that would cause the actuarially accrued unfunded liabilities of the State Police Retirement System to exceed thirty (30) years.

(A) Do all things necessary for the proper administration of the State Police Retirement System and for carrying out and making effective the provisions of this subchapter.

(B) However, no recommendations for benefit enhancements shall be made that would cause the actuarially accrued unfunded liabilities of the State Police Retirement System to exceed thirty (30) years.

Amended by Act 2023, No. 436,§ 2, eff. 8/1/2023.

Amended by Act 2021, No. 415,§ 1, eff. 7/28/2021.

Amended by Act 2019, No. 315,§ 2871, eff. 7/24/2019.

Acts 1951, No. 311, §§ 2, 9; 1959, No. 484, § 2; 1969, No. 647, § 1; A.S.A. 1947, §§ 42-452, 42-452.1, 42-459; Acts 1989, No. 23, § 1; 1989, No. 529, § 4[5]; 1997, No. 250, § 230; 2005, No. 68, § 1; 2007, No. 404, § 1; 2009, No. 1242, § 3.
Ark. Code Ann. § 24-8-704 — AR Code / Title 24 / Chapter 8 / Subchapter 7 / Section 24-8-704
Membership generally
Status: in_force

(a) Whether elected or appointed to office, all chancery, circuit, and circuit-chancery judges, judges of the Court of Appeals, and justices of the Supreme Court shall participate in the Arkansas Judicial Retirement System. (b) A person who becomes a member of the system on or after July 30, 1999, shall participate in the Tier Two Actual Judicial Service Benefit Plan for the system. (c) Any active member who was a member of the system before July 30, 1999, shall have until the end of the term of office in which the member is serving on July 30, 1999, to elect coverage under the benefit provisions of this subchapter. A former member who was an active member on December 31, 1998, shall have until July 31, 1999, or ninety (90) days after July 30, 1999, whichever is later, to elect coverage under the benefit provisions of the subchapter. The election shall be made as directed by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable. Acts 1999, No. 399, § 1.

(a) Whether elected or appointed to office, all chancery, circuit, and circuit-chancery judges, judges of the Court of Appeals, and justices of the Supreme Court shall participate in the Arkansas Judicial Retirement System.

(b) A person who becomes a member of the system on or after July 30, 1999, shall participate in the Tier Two Actual Judicial Service Benefit Plan for the system.

(c) Any active member who was a member of the system before July 30, 1999, shall have until the end of the term of office in which the member is serving on July 30, 1999, to elect coverage under the benefit provisions of this subchapter. A former member who was an active member on December 31, 1998, shall have until July 31, 1999, or ninety (90) days after July 30, 1999, whichever is later, to elect coverage under the benefit provisions of the subchapter. The election shall be made as directed by the Board of Trustees of the Arkansas Judicial Retirement System and shall be irrevocable.

Acts 1999, No. 399, § 1.
Ark. Code Ann. § 24-5-131 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-131
Limitation on benefit enhancement of Acts 1997, No. 1089
Status: in_force

No benefit enhancement provided for by § 24-5-116 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-5-116 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq. Acts 1997, No. 1089, § 2.

No benefit enhancement provided for by § 24-5-116 shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-5-116 shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a period exceeding thirty (30) years until the unfunded actuarial accrued liability is reduced to a level less than the standards prescribed by § 24-1-101 et seq.

Acts 1997, No. 1089, § 2.
Ark. Code Ann. § 24-4-402 — AR Code / Title 24 / Chapter 4 / Subchapter 4 / Section 24-4-402
Contributions of state and local government division employers - Accounts of retirement system
Status: in_force

(a) (1) The employers' accumulation account shall be the account in which shall be accumulated the contributions made by public employers to the Arkansas Public Employees' Retirement System. (2) Upon the retirement of a member, the difference between the member's annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employers' accumulation account to the retirement reserve account. (b) (1) The state employer contributions shall be a set percentage rate of the compensations of state employees who are active members as well as those retired members who have returned to work under § 24-4-520 . The rate of percentage shall be set by the Board of Trustees of the Arkansas Public Employees' Retirement System as provided for by § 24-2-701 . (2) The state's contributions, when paid into the Arkansas Public Employees' Retirement System Fund, shall be credited to the employers' accumulation account. (c) (1) The employer contributions to be paid by each participating public employer, other than the state, shall be a set percentage rate of the compensations of its employees who are active members as well as those retired members who have returned to work under § 24-4-520 . The rate of percentage shall be set by the board as provided for by § 24-2-701 . (2) The participating public employers' contributions, when paid into the fund, shall be credited to the employers' accumulation account. (d) (1) The retirement reserve account shall be the account from which all annuities shall be paid as provided for in this act. (2) If a disability retirant returns to the employ of a public employer, the retirant's annuity reserve at that time shall be transferred from the retirement reserve account to the members' deposit account and the employers' accumulation account in the same proportion as the annuity reserve was originally transferred to the retirement reserve account. (e) (1) The income account shall be the account to which shall be credited all interest, dividends, and other income from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this act. (2) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various divisions of the members' deposit account, employers' accumulation account, and the retirement reserve account, as provided in this act. (3) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts. Acts 1957, No. 177, § 9; 1959, No. 42, § 9; 1961, No. 64, § 4; 1967, No. 175, § 1; 1969, No. 632, § 2; 1971, No. 103, § 3; 1973, No. 666, § 3; 1975, No. 907, § 11; A.S.A. 1947, §§ 12-2509, 12-2509.1; Acts 1997, No. 299, § 14; 2001, No. 151, § 20; 2011, No. 558, § 1.

(a) (1) The employers' accumulation account shall be the account in which shall be accumulated the contributions made by public employers to the Arkansas Public Employees' Retirement System. (2) Upon the retirement of a member, the difference between the member's annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employers' accumulation account to the retirement reserve account.

(1) The employers' accumulation account shall be the account in which shall be accumulated the contributions made by public employers to the Arkansas Public Employees' Retirement System.

(2) Upon the retirement of a member, the difference between the member's annuity reserve and his or her accumulated contributions standing to his or her credit in the members' deposit account shall be transferred from the employers' accumulation account to the retirement reserve account.

(b) (1) The state employer contributions shall be a set percentage rate of the compensations of state employees who are active members as well as those retired members who have returned to work under § 24-4-520 . The rate of percentage shall be set by the Board of Trustees of the Arkansas Public Employees' Retirement System as provided for by § 24-2-701 . (2) The state's contributions, when paid into the Arkansas Public Employees' Retirement System Fund, shall be credited to the employers' accumulation account.

(1) The state employer contributions shall be a set percentage rate of the compensations of state employees who are active members as well as those retired members who have returned to work under § 24-4-520 . The rate of percentage shall be set by the Board of Trustees of the Arkansas Public Employees' Retirement System as provided for by § 24-2-701 .

(2) The state's contributions, when paid into the Arkansas Public Employees' Retirement System Fund, shall be credited to the employers' accumulation account.

(c) (1) The employer contributions to be paid by each participating public employer, other than the state, shall be a set percentage rate of the compensations of its employees who are active members as well as those retired members who have returned to work under § 24-4-520 . The rate of percentage shall be set by the board as provided for by § 24-2-701 . (2) The participating public employers' contributions, when paid into the fund, shall be credited to the employers' accumulation account.

(1) The employer contributions to be paid by each participating public employer, other than the state, shall be a set percentage rate of the compensations of its employees who are active members as well as those retired members who have returned to work under § 24-4-520 . The rate of percentage shall be set by the board as provided for by § 24-2-701 .

(2) The participating public employers' contributions, when paid into the fund, shall be credited to the employers' accumulation account.

(d) (1) The retirement reserve account shall be the account from which all annuities shall be paid as provided for in this act. (2) If a disability retirant returns to the employ of a public employer, the retirant's annuity reserve at that time shall be transferred from the retirement reserve account to the members' deposit account and the employers' accumulation account in the same proportion as the annuity reserve was originally transferred to the retirement reserve account.

(1) The retirement reserve account shall be the account from which all annuities shall be paid as provided for in this act.

(2) If a disability retirant returns to the employ of a public employer, the retirant's annuity reserve at that time shall be transferred from the retirement reserve account to the members' deposit account and the employers' accumulation account in the same proportion as the annuity reserve was originally transferred to the retirement reserve account.

(e) (1) The income account shall be the account to which shall be credited all interest, dividends, and other income from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this act. (2) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various divisions of the members' deposit account, employers' accumulation account, and the retirement reserve account, as provided in this act. (3) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts.

(1) The income account shall be the account to which shall be credited all interest, dividends, and other income from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this act.

(2) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various divisions of the members' deposit account, employers' accumulation account, and the retirement reserve account, as provided in this act.

(3) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts.

Acts 1957, No. 177, § 9; 1959, No. 42, § 9; 1961, No. 64, § 4; 1967, No. 175, § 1; 1969, No. 632, § 2; 1971, No. 103, § 3; 1973, No. 666, § 3; 1975, No. 907, § 11; A.S.A. 1947, §§ 12-2509, 12-2509.1; Acts 1997, No. 299, § 14; 2001, No. 151, § 20; 2011, No. 558, § 1.
Ark. Code Ann. § 24-10-102 — AR Code / Title 24 / Chapter 10 / Subchapter 1 / Section 24-10-102
Definitions
Status: in_force

As used in this chapter: (1) (A) "Accumulated contributions" means the total of all amounts contributed by a member and standing to his or her credit in his or her individual account in the Arkansas Local Police and Fire Retirement System, together with regular interest thereon. (B) Beginning July 1, 2009, accumulated contributions shall be separated into after-tax contributions and picked-up contributions under § 24-10-404(f) ; (2) "Active member" means any member who renders actual service in a position covered by the system; (3) (A) "Actual service" means service rendered in a position covered by the system. (B) "Actual service" does not mean purchased service, service under § 24-10-508 , or reciprocal service; (4) "Actuarial equivalent" means a benefit of equal reserve value, when "reserve" means the present value of all payments to be made on account of any benefit based upon such reasonable rates of interest and tables of experience as the system shall adopt from time to time; (5) (A) "Actuary" means a qualified actuary with experience in retirement plan financing. (B) Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary; (6) "Age" means age on last birthday; (7) "Annuity" means a monthly amount payable throughout the life of a person or for a temporary period; (8) "Beneficiary" means any person who is receiving or designated by a member to receive a plan benefit, except a retirant; (9) "Benefit program" means a schedule of benefits or benefit formulas from which the amounts of benefits can be determined; (10) "Board" means the Board of Trustees of the Arkansas Local Police and Fire Retirement System; (11) "Covered employment" means employment as a police officer or firefighter in a position covered by the system; (12) "Credited service" means covered employment that is creditable as service by the system and is the total of paid service and volunteer service; (13) (A) "Dependent child" means a child until his or her death, his or her marriage, or his or her attainment of eighteen (18) years of age, whichever occurs first. (B) (i) The age-eighteen maximum shall be extended as long as the child continues uninterruptedly being a full-time student at an accredited secondary school, college, or university but in no event beyond the first day of the month after his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by an Arkansas court of competent jurisdiction or by the board for as long as the incompetency exists; (14) "Effective date" of the system means July 1, 1981; (15) (A) "Employee" means any person regularly employed by a political subdivision who receives remuneration from the political subdivision for personal services rendered as a police officer or firefighter. (B) "Employee" shall not include any person who acts for the political subdivision under contract or is paid on a fee basis. (C) "Employee" shall include any person regularly employed by the administration of the system. (D) "Employee" shall include a person who is a current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System and is an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013; (16) "Employer" means any political subdivision that has its eligible employees covered by the system or the Arkansas Local Police and Fire Retirement System as employer of its administrative staff; (17) (A) "Final average pay" means the monthly average of the pays to an employee during the period of thirty-six (36) consecutive months of credited service producing the highest monthly average, but the period must be contained within the period of one hundred twenty (120) consecutive months of credited service immediately preceding his or her separation from covered employment. (B) Should a member have less than thirty-six (36) months of credited service, "final average pay" means the monthly average of pays to the member during the member's total months of credited service. (C) (i) In any event, pays usable in determining final average pay shall be limited by the test in subdivision (17)(C)(ii) of this section, considering the final average pay period in four (4) consecutive years. (ii) (a) Pays during any twelve (12) consecutive months shall be usable only to the extent that the pays do not exceed thirty-one percent (31%) of the total pays in the final average pay period. (b) However, if the final average pay period is less than four (4) full years, the maximum usable thirty-one percent (31%) shall be increased proportionately. (D) (i) For the limited purposes of calculating final average pay for disability retirement benefits under § 24-10-607 , pay shall include workers' compensation benefits received by the member. (ii) However, the pay that is increased for any month for the limited purposes of calculating this final average pay shall not be greater than the current pay attached to the rank of the member; (18) (A) "Firefighter" means any regular or permanent employee of a fire department of a political subdivision, including a probationary firefighter. (B) "Firefighter" does not include any civilian employee of a fire department or any person temporarily employed as a firefighter during an emergency; (19) "General Assembly" means the General Assembly of the state; (20) (A) "Inflation index" means the Consumer Price Index for Urban Wage Earners and Clerical Workers, U.S. City Average, as determined by the United States Department of Labor and in effect January 1, 1981. (B) Should the inflation index be restructured subsequent to 1980 in a manner materially changing its character, the board after receiving the advice of its actuary shall change the application of the inflation index so that, as far as is practicable, the 1980 intent of the use of the inflation index shall be continued; (21) "Joint Committee on Public Retirement" means the Joint Committee on Public Retirement and Social Security Programs created by §§ 10-3-701 - 10-3-703 , or any successor committee; (22) "Member" means any police officer or firefighter included in the membership of the system or a person regularly employed by the administration of the system; (23) "Normal retirement age" means the younger of the following ages: (A) Fifty-five (55) years of age if the member has at least twenty (20) years of credited service; (B) Sixty (60) years of age if the member has less than twenty (20) years of credited service; or (C) Any age if the member has twenty-eight (28) or more years of credited service; (24) "Operative date" of the system means January 1, 1983; (25) "Paid service" is covered employment that is half-time employment or more and that becomes credited service. For a calendar month in 1981 to become paid service, the police officer or firefighter shall be paid at least five hundred dollars ($500) for that month's personal services as a police officer or firefighter. For any calendar year after 1981, the monthly minimum of five hundred dollars ($500) shall be increased by any percentage increase in the inflation index for the period from October 1980 to the October immediately preceding the calendar year; (26) (A) "Pay" means the recurring remuneration paid an employee for personal services rendered by the employee in a position covered by the system and shall not exceed the amount the employee is required to report for federal income tax purposes. (B) In determining pay, consideration shall not be given to: (i) Special single-sum payments paid by an employer; (ii) Employer contributions to any employee benefit plan; or (iii) Any other unusual or nonrecurring remuneration. (C) Annual compensation in excess of the limitations under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, shall be disregarded; (27) (A) "Police officer" means any regular or permanent employee of a police department of a political subdivision, including a probationary police officer. (B) "Police officer" does not include any civilian employee of a police department or any person temporarily employed as a police officer during an emergency; (28) "Political subdivision" means: (A) An incorporated town; (B) A city of the first class; (C) A city of the second class; (D) A county; (E) A fire protection district that maintains standards established by the board; (F) A rural fire protection corporation; (G) A suburban improvement district; (H) The Arkansas Fire Training Academy; and (I) The Arkansas Law Enforcement Training Academy; (29) "Regular interest" means such reasonable rate or rates per annum, compounded annually, as the board shall adopt; (30) "Relief fund" means: (A) Any policemen's pension and relief fund created by state law, applicable to police officers, and covering one (1) or more persons on December 31, 1982; or (B) Any firemen's relief and pension fund created by state law, applicable to firefighters, and covering one (1) or more persons on December 31, 1982; (31) "Retirant" means a former member receiving a plan annuity by reason of having been a member; (32) "Social Security" means the Social Security old age, survivors, and disability insurance program, as amended; (33) "State" means the State of Arkansas and includes all of its duly constituted agencies; (34) "System" means the Arkansas Local Police and Fire Retirement System created by this chapter; and (35) "Volunteer service" means covered employment that becomes credited service and cannot be classified as paid service. Amended by Act 2013, No. 1134,§ 2, eff. 8/16/2013. Amended by Act 2013, No. 522,§ 2, eff. 3/28/2013. Amended by Act 2013, No. 522,§ 1, eff. 3/28/2013. Amended by Act 2013, No. 40,§ 1, eff. 2/6/2013. Acts 1981, No. 364, § 2; 1983, No. 645, § 1; 1985, No. 160, § 1; A.S.A. 1947, § 12-3802; Acts 1997, No. 769, § 1; 1999, No. 715, § 1; 1999, No. 863, § 1; 1999, No. 865, § 5; 1999, No. 955, § 1; 2003, No. 507, § 1; 2007, No. 803, § 2; 2011, No. 17, § 1.

As used in this chapter:

(1) (A) "Accumulated contributions" means the total of all amounts contributed by a member and standing to his or her credit in his or her individual account in the Arkansas Local Police and Fire Retirement System, together with regular interest thereon. (B) Beginning July 1, 2009, accumulated contributions shall be separated into after-tax contributions and picked-up contributions under § 24-10-404(f) ;

(A) "Accumulated contributions" means the total of all amounts contributed by a member and standing to his or her credit in his or her individual account in the Arkansas Local Police and Fire Retirement System, together with regular interest thereon.

(B) Beginning July 1, 2009, accumulated contributions shall be separated into after-tax contributions and picked-up contributions under § 24-10-404(f) ;

(2) "Active member" means any member who renders actual service in a position covered by the system;

(3) (A) "Actual service" means service rendered in a position covered by the system. (B) "Actual service" does not mean purchased service, service under § 24-10-508 , or reciprocal service;

(A) "Actual service" means service rendered in a position covered by the system.

(B) "Actual service" does not mean purchased service, service under § 24-10-508 , or reciprocal service;

(4) "Actuarial equivalent" means a benefit of equal reserve value, when "reserve" means the present value of all payments to be made on account of any benefit based upon such reasonable rates of interest and tables of experience as the system shall adopt from time to time;

(5) (A) "Actuary" means a qualified actuary with experience in retirement plan financing. (B) Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary;

(A) "Actuary" means a qualified actuary with experience in retirement plan financing.

(B) Membership in the American Academy of Actuaries shall be sufficient for a person to be deemed a qualified actuary;

(6) "Age" means age on last birthday;

(7) "Annuity" means a monthly amount payable throughout the life of a person or for a temporary period;

(8) "Beneficiary" means any person who is receiving or designated by a member to receive a plan benefit, except a retirant;

(9) "Benefit program" means a schedule of benefits or benefit formulas from which the amounts of benefits can be determined;

(10) "Board" means the Board of Trustees of the Arkansas Local Police and Fire Retirement System;

(11) "Covered employment" means employment as a police officer or firefighter in a position covered by the system;

(12) "Credited service" means covered employment that is creditable as service by the system and is the total of paid service and volunteer service;

(13) (A) "Dependent child" means a child until his or her death, his or her marriage, or his or her attainment of eighteen (18) years of age, whichever occurs first. (B) (i) The age-eighteen maximum shall be extended as long as the child continues uninterruptedly being a full-time student at an accredited secondary school, college, or university but in no event beyond the first day of the month after his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by an Arkansas court of competent jurisdiction or by the board for as long as the incompetency exists;

(A) "Dependent child" means a child until his or her death, his or her marriage, or his or her attainment of eighteen (18) years of age, whichever occurs first.

(B) (i) The age-eighteen maximum shall be extended as long as the child continues uninterruptedly being a full-time student at an accredited secondary school, college, or university but in no event beyond the first day of the month after his or her attainment of twenty-three (23) years of age. (ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by an Arkansas court of competent jurisdiction or by the board for as long as the incompetency exists;

(i) The age-eighteen maximum shall be extended as long as the child continues uninterruptedly being a full-time student at an accredited secondary school, college, or university but in no event beyond the first day of the month after his or her attainment of twenty-three (23) years of age.

(ii) The age-eighteen maximum shall also be extended for any child who has been deemed physically or mentally incompetent by an Arkansas court of competent jurisdiction or by the board for as long as the incompetency exists;

(14) "Effective date" of the system means July 1, 1981;

(15) (A) "Employee" means any person regularly employed by a political subdivision who receives remuneration from the political subdivision for personal services rendered as a police officer or firefighter. (B) "Employee" shall not include any person who acts for the political subdivision under contract or is paid on a fee basis. (C) "Employee" shall include any person regularly employed by the administration of the system. (D) "Employee" shall include a person who is a current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System and is an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013;

(A) "Employee" means any person regularly employed by a political subdivision who receives remuneration from the political subdivision for personal services rendered as a police officer or firefighter.

(B) "Employee" shall not include any person who acts for the political subdivision under contract or is paid on a fee basis.

(C) "Employee" shall include any person regularly employed by the administration of the system.

(D) "Employee" shall include a person who is a current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System and is an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013;

(16) "Employer" means any political subdivision that has its eligible employees covered by the system or the Arkansas Local Police and Fire Retirement System as employer of its administrative staff;

(17) (A) "Final average pay" means the monthly average of the pays to an employee during the period of thirty-six (36) consecutive months of credited service producing the highest monthly average, but the period must be contained within the period of one hundred twenty (120) consecutive months of credited service immediately preceding his or her separation from covered employment. (B) Should a member have less than thirty-six (36) months of credited service, "final average pay" means the monthly average of pays to the member during the member's total months of credited service. (C) (i) In any event, pays usable in determining final average pay shall be limited by the test in subdivision (17)(C)(ii) of this section, considering the final average pay period in four (4) consecutive years. (ii) (a) Pays during any twelve (12) consecutive months shall be usable only to the extent that the pays do not exceed thirty-one percent (31%) of the total pays in the final average pay period. (b) However, if the final average pay period is less than four (4) full years, the maximum usable thirty-one percent (31%) shall be increased proportionately. (D) (i) For the limited purposes of calculating final average pay for disability retirement benefits under § 24-10-607 , pay shall include workers' compensation benefits received by the member. (ii) However, the pay that is increased for any month for the limited purposes of calculating this final average pay shall not be greater than the current pay attached to the rank of the member;

(A) "Final average pay" means the monthly average of the pays to an employee during the period of thirty-six (36) consecutive months of credited service producing the highest monthly average, but the period must be contained within the period of one hundred twenty (120) consecutive months of credited service immediately preceding his or her separation from covered employment.

(B) Should a member have less than thirty-six (36) months of credited service, "final average pay" means the monthly average of pays to the member during the member's total months of credited service.

(C) (i) In any event, pays usable in determining final average pay shall be limited by the test in subdivision (17)(C)(ii) of this section, considering the final average pay period in four (4) consecutive years. (ii) (a) Pays during any twelve (12) consecutive months shall be usable only to the extent that the pays do not exceed thirty-one percent (31%) of the total pays in the final average pay period. (b) However, if the final average pay period is less than four (4) full years, the maximum usable thirty-one percent (31%) shall be increased proportionately.

(i) In any event, pays usable in determining final average pay shall be limited by the test in subdivision (17)(C)(ii) of this section, considering the final average pay period in four (4) consecutive years.

(ii) (a) Pays during any twelve (12) consecutive months shall be usable only to the extent that the pays do not exceed thirty-one percent (31%) of the total pays in the final average pay period. (b) However, if the final average pay period is less than four (4) full years, the maximum usable thirty-one percent (31%) shall be increased proportionately.

(a) Pays during any twelve (12) consecutive months shall be usable only to the extent that the pays do not exceed thirty-one percent (31%) of the total pays in the final average pay period.

(b) However, if the final average pay period is less than four (4) full years, the maximum usable thirty-one percent (31%) shall be increased proportionately.

(D) (i) For the limited purposes of calculating final average pay for disability retirement benefits under § 24-10-607 , pay shall include workers' compensation benefits received by the member. (ii) However, the pay that is increased for any month for the limited purposes of calculating this final average pay shall not be greater than the current pay attached to the rank of the member;

(i) For the limited purposes of calculating final average pay for disability retirement benefits under § 24-10-607 , pay shall include workers' compensation benefits received by the member.

(ii) However, the pay that is increased for any month for the limited purposes of calculating this final average pay shall not be greater than the current pay attached to the rank of the member;

(18) (A) "Firefighter" means any regular or permanent employee of a fire department of a political subdivision, including a probationary firefighter. (B) "Firefighter" does not include any civilian employee of a fire department or any person temporarily employed as a firefighter during an emergency;

(A) "Firefighter" means any regular or permanent employee of a fire department of a political subdivision, including a probationary firefighter.

(B) "Firefighter" does not include any civilian employee of a fire department or any person temporarily employed as a firefighter during an emergency;

(19) "General Assembly" means the General Assembly of the state;

(20) (A) "Inflation index" means the Consumer Price Index for Urban Wage Earners and Clerical Workers, U.S. City Average, as determined by the United States Department of Labor and in effect January 1, 1981. (B) Should the inflation index be restructured subsequent to 1980 in a manner materially changing its character, the board after receiving the advice of its actuary shall change the application of the inflation index so that, as far as is practicable, the 1980 intent of the use of the inflation index shall be continued;

(A) "Inflation index" means the Consumer Price Index for Urban Wage Earners and Clerical Workers, U.S. City Average, as determined by the United States Department of Labor and in effect January 1, 1981.

(B) Should the inflation index be restructured subsequent to 1980 in a manner materially changing its character, the board after receiving the advice of its actuary shall change the application of the inflation index so that, as far as is practicable, the 1980 intent of the use of the inflation index shall be continued;

(21) "Joint Committee on Public Retirement" means the Joint Committee on Public Retirement and Social Security Programs created by §§ 10-3-701 - 10-3-703 , or any successor committee;

(22) "Member" means any police officer or firefighter included in the membership of the system or a person regularly employed by the administration of the system;

(23) "Normal retirement age" means the younger of the following ages: (A) Fifty-five (55) years of age if the member has at least twenty (20) years of credited service; (B) Sixty (60) years of age if the member has less than twenty (20) years of credited service; or (C) Any age if the member has twenty-eight (28) or more years of credited service;

(A) Fifty-five (55) years of age if the member has at least twenty (20) years of credited service;

(B) Sixty (60) years of age if the member has less than twenty (20) years of credited service; or

(C) Any age if the member has twenty-eight (28) or more years of credited service;

(24) "Operative date" of the system means January 1, 1983;

(25) "Paid service" is covered employment that is half-time employment or more and that becomes credited service. For a calendar month in 1981 to become paid service, the police officer or firefighter shall be paid at least five hundred dollars ($500) for that month's personal services as a police officer or firefighter. For any calendar year after 1981, the monthly minimum of five hundred dollars ($500) shall be increased by any percentage increase in the inflation index for the period from October 1980 to the October immediately preceding the calendar year;

(26) (A) "Pay" means the recurring remuneration paid an employee for personal services rendered by the employee in a position covered by the system and shall not exceed the amount the employee is required to report for federal income tax purposes. (B) In determining pay, consideration shall not be given to: (i) Special single-sum payments paid by an employer; (ii) Employer contributions to any employee benefit plan; or (iii) Any other unusual or nonrecurring remuneration. (C) Annual compensation in excess of the limitations under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, shall be disregarded;

(A) "Pay" means the recurring remuneration paid an employee for personal services rendered by the employee in a position covered by the system and shall not exceed the amount the employee is required to report for federal income tax purposes.

(B) In determining pay, consideration shall not be given to: (i) Special single-sum payments paid by an employer; (ii) Employer contributions to any employee benefit plan; or (iii) Any other unusual or nonrecurring remuneration.

(i) Special single-sum payments paid by an employer;

(ii) Employer contributions to any employee benefit plan; or

(iii) Any other unusual or nonrecurring remuneration.

(C) Annual compensation in excess of the limitations under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a) , as it existed on January 1, 2011, shall be disregarded;

(27) (A) "Police officer" means any regular or permanent employee of a police department of a political subdivision, including a probationary police officer. (B) "Police officer" does not include any civilian employee of a police department or any person temporarily employed as a police officer during an emergency;

(A) "Police officer" means any regular or permanent employee of a police department of a political subdivision, including a probationary police officer.

(B) "Police officer" does not include any civilian employee of a police department or any person temporarily employed as a police officer during an emergency;

(28) "Political subdivision" means: (A) An incorporated town; (B) A city of the first class; (C) A city of the second class; (D) A county; (E) A fire protection district that maintains standards established by the board; (F) A rural fire protection corporation; (G) A suburban improvement district; (H) The Arkansas Fire Training Academy; and (I) The Arkansas Law Enforcement Training Academy;

(A) An incorporated town;

(B) A city of the first class;

(C) A city of the second class;

(D) A county;

(E) A fire protection district that maintains standards established by the board;

(F) A rural fire protection corporation;

(G) A suburban improvement district;

(H) The Arkansas Fire Training Academy; and

(I) The Arkansas Law Enforcement Training Academy;

(29) "Regular interest" means such reasonable rate or rates per annum, compounded annually, as the board shall adopt;

(30) "Relief fund" means: (A) Any policemen's pension and relief fund created by state law, applicable to police officers, and covering one (1) or more persons on December 31, 1982; or (B) Any firemen's relief and pension fund created by state law, applicable to firefighters, and covering one (1) or more persons on December 31, 1982;

(A) Any policemen's pension and relief fund created by state law, applicable to police officers, and covering one (1) or more persons on December 31, 1982; or

(B) Any firemen's relief and pension fund created by state law, applicable to firefighters, and covering one (1) or more persons on December 31, 1982;

(31) "Retirant" means a former member receiving a plan annuity by reason of having been a member;

(32) "Social Security" means the Social Security old age, survivors, and disability insurance program, as amended;

(33) "State" means the State of Arkansas and includes all of its duly constituted agencies;

(34) "System" means the Arkansas Local Police and Fire Retirement System created by this chapter; and

(35) "Volunteer service" means covered employment that becomes credited service and cannot be classified as paid service.

Amended by Act 2013, No. 1134,§ 2, eff. 8/16/2013.

Amended by Act 2013, No. 522,§ 2, eff. 3/28/2013.

Amended by Act 2013, No. 522,§ 1, eff. 3/28/2013.

Amended by Act 2013, No. 40,§ 1, eff. 2/6/2013.

Acts 1981, No. 364, § 2; 1983, No. 645, § 1; 1985, No. 160, § 1; A.S.A. 1947, § 12-3802; Acts 1997, No. 769, § 1; 1999, No. 715, § 1; 1999, No. 863, § 1; 1999, No. 865, § 5; 1999, No. 955, § 1; 2003, No. 507, § 1; 2007, No. 803, § 2; 2011, No. 17, § 1.
Ark. Code Ann. § 24-2-702 — AR Code / Title 24 / Chapter 2 / Subchapter 7 / Section 24-2-702
Reports
Status: in_force

(a) Each Arkansas public employees' retirement system shall have an annual financial audit performed by Arkansas Legislative Audit and prepared in accordance with the financial accounting and reporting standards set forth for public pension plans by the Governmental Accounting Standards Board. (b) (1) In addition, if approved by the board of trustees of an Arkansas public employees' retirement system, a system may also select another independent auditor to perform a separate financial audit of the respective system. (2) Prior to entering the contract for the additional audit, the public employees' retirement system shall provide the Legislative Joint Auditing Committee the reasons, in writing, for the need of the additional financial audit. (3) All contracts for audits shall be in compliance with the state's fiscal laws and rules. (4) A copy of each audit report prepared by another independent auditor shall be provided to the Legislative Joint Auditing Committee, the Legislative Council, and the Governor. Amended by Act 2019, No. 315,§ 2847, eff. 7/24/2019. Acts 2001, No. 151, § 8.

(a) Each Arkansas public employees' retirement system shall have an annual financial audit performed by Arkansas Legislative Audit and prepared in accordance with the financial accounting and reporting standards set forth for public pension plans by the Governmental Accounting Standards Board.

(b) (1) In addition, if approved by the board of trustees of an Arkansas public employees' retirement system, a system may also select another independent auditor to perform a separate financial audit of the respective system. (2) Prior to entering the contract for the additional audit, the public employees' retirement system shall provide the Legislative Joint Auditing Committee the reasons, in writing, for the need of the additional financial audit. (3) All contracts for audits shall be in compliance with the state's fiscal laws and rules. (4) A copy of each audit report prepared by another independent auditor shall be provided to the Legislative Joint Auditing Committee, the Legislative Council, and the Governor.

(1) In addition, if approved by the board of trustees of an Arkansas public employees' retirement system, a system may also select another independent auditor to perform a separate financial audit of the respective system.

(2) Prior to entering the contract for the additional audit, the public employees' retirement system shall provide the Legislative Joint Auditing Committee the reasons, in writing, for the need of the additional financial audit.

(3) All contracts for audits shall be in compliance with the state's fiscal laws and rules.

(4) A copy of each audit report prepared by another independent auditor shall be provided to the Legislative Joint Auditing Committee, the Legislative Council, and the Governor.

Amended by Act 2019, No. 315,§ 2847, eff. 7/24/2019.

Acts 2001, No. 151, § 8.
Ark. Code Ann. § 24-1-207 — AR Code / Title 24 / Chapter 1 / Subchapter 2 / Section 24-1-207
Contributions - State employees
Status: in_force

(a) Every employee of the state whose service is covered by a Section 218 agreement entered into under § 24-1-204 shall be required to pay contributions for the period of the coverage with respect to wages as defined in § 24-1-202 , equal to the amount of tax levied under the Social Security Act, 42 U.S.C. § 301 et seq. This liability shall arise in consideration of the employee's retention in the service of the state, or his or her entry upon such service. (b) The contributions imposed by this section shall be collected by deducting the amount of the contributions from wages as and when paid, but failure to make the deduction shall not relieve the employee from liability for his or her contributions. (c) If more or less than the correct amount of the contributions imposed by this section is paid or deducted with respect to any remuneration, proper adjustments, or a refund if an adjustment is impracticable, shall be made without interest in such manner and at such times as the Arkansas Public Employees' Retirement System shall prescribe. Acts 1951, No. 248, § 4; A.S.A. 1947, § 12-2404; Acts 2005, No. 100, § 1.

(a) Every employee of the state whose service is covered by a Section 218 agreement entered into under § 24-1-204 shall be required to pay contributions for the period of the coverage with respect to wages as defined in § 24-1-202 , equal to the amount of tax levied under the Social Security Act, 42 U.S.C. § 301 et seq. This liability shall arise in consideration of the employee's retention in the service of the state, or his or her entry upon such service.

(b) The contributions imposed by this section shall be collected by deducting the amount of the contributions from wages as and when paid, but failure to make the deduction shall not relieve the employee from liability for his or her contributions.

(c) If more or less than the correct amount of the contributions imposed by this section is paid or deducted with respect to any remuneration, proper adjustments, or a refund if an adjustment is impracticable, shall be made without interest in such manner and at such times as the Arkansas Public Employees' Retirement System shall prescribe.

Acts 1951, No. 248, § 4; A.S.A. 1947, § 12-2404; Acts 2005, No. 100, § 1.
Ark. Code Ann. § 24-11-410 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-410
Investment
Status: in_force

(a) The board of trustees of the policemen's pension and relief fund shall have the power to draw sums from its treasury, only upon warrants signed by the chair of the board of trustees of the policemen's pension and relief fund and countersigned by the policemen's pension and relief fund, to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city in which the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., in the Arkansas Local Police and Fire Retirement System, or in savings and loan associations duly established and authorized to do business in this state. (b) Except as provided in subsection (c) of this section, all securities shall be deposited with the treasurer of the board of trustees of the policemen's pension and relief fund and shall be subject to the order of the board. (c) (1) In those policemen's pension and relief funds in which assets exceed one hundred thousand dollars ($100,000), the board may employ: (A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Local Police and Fire Retirement System, as provided by § 24-10-401 et seq.; and (B) A trustee or custodian to hold the assets. (2) Investments shall not be limited to interest-bearing bonds. (3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be: (A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and (B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board. (d) A decision on whether to invest, not invest, or withdraw from investment moneys provided for the policemen's pension and relief fund shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel. Amended by Act 2017, No. 794,§ 1, eff. 8/1/2017. Acts 1937, No. 250, § 5; Pope's Dig., § 9860; Acts 1957, No. 121, § 1; 1985, No. 6, § 2; 1985, No. 16, § 2; A.S.A. 1947, § 19-1805; Acts 1989, No. 152, § 3; 1995, No. 615, § 2; 2005, No. 2094, § 1; 2009, No. 1201, §§ 1, 2.

(a) The board of trustees of the policemen's pension and relief fund shall have the power to draw sums from its treasury, only upon warrants signed by the chair of the board of trustees of the policemen's pension and relief fund and countersigned by the policemen's pension and relief fund, to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city in which the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., in the Arkansas Local Police and Fire Retirement System, or in savings and loan associations duly established and authorized to do business in this state.

(b) Except as provided in subsection (c) of this section, all securities shall be deposited with the treasurer of the board of trustees of the policemen's pension and relief fund and shall be subject to the order of the board.

(c) (1) In those policemen's pension and relief funds in which assets exceed one hundred thousand dollars ($100,000), the board may employ: (A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Local Police and Fire Retirement System, as provided by § 24-10-401 et seq.; and (B) A trustee or custodian to hold the assets. (2) Investments shall not be limited to interest-bearing bonds. (3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be: (A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and (B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.

(1) In those policemen's pension and relief funds in which assets exceed one hundred thousand dollars ($100,000), the board may employ: (A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Local Police and Fire Retirement System, as provided by § 24-10-401 et seq.; and (B) A trustee or custodian to hold the assets.

(A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Local Police and Fire Retirement System, as provided by § 24-10-401 et seq.; and

(B) A trustee or custodian to hold the assets.

(2) Investments shall not be limited to interest-bearing bonds.

(3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be: (A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and (B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.

(A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and

(B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.

(d) A decision on whether to invest, not invest, or withdraw from investment moneys provided for the policemen's pension and relief fund shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.

Amended by Act 2017, No. 794,§ 1, eff. 8/1/2017.

Acts 1937, No. 250, § 5; Pope's Dig., § 9860; Acts 1957, No. 121, § 1; 1985, No. 6, § 2; 1985, No. 16, § 2; A.S.A. 1947, § 19-1805; Acts 1989, No. 152, § 3; 1995, No. 615, § 2; 2005, No. 2094, § 1; 2009, No. 1201, §§ 1, 2.
Ark. Code Ann. § 24-5-130 — AR Code / Title 24 / Chapter 5 / Subchapter 1 / Section 24-5-130
Increase in monthly retirement benefit - Acts 1997, No. 386
Status: in_force

(a) Effective July 1, 1997, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1997 shall be increased by two percent (2%) above the annuity such retiree or beneficiary received for June 1997. (b) The increase in benefits as provided in this section shall be added to the annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 1997. Acts 1997, No. 386.Acts 1997, No. 386, § 2.

(a) Effective July 1, 1997, the monthly retirement benefit payable to the retirees and beneficiaries of the Arkansas State Highway Employees' Retirement System who are entitled to receive an annuity for July 1997 shall be increased by two percent (2%) above the annuity such retiree or beneficiary received for June 1997.

(b) The increase in benefits as provided in this section shall be added to the annuity for the purpose of computing the annual postretirement increase as provided in § 24-5-119(a) for the benefit redetermination July 1, 1997.

Acts 1997, No. 386.Acts 1997, No. 386, § 2.
Ark. Code Ann. § 24-11-434 — AR Code / Title 24 / Chapter 11 / Subchapter 4 / Section 24-11-434
Deferred retirement option plan
Status: in_force

(a) (1) In lieu of terminating employment and accepting a service retirement pension under this subchapter, a police officer who is a member of a policemen's pension and relief fund who has not less than twenty (20) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas Police Officers Deferred Retirement Option Plan and defer the receipt of benefits in accordance with the provisions of this section, provided that the board of trustees of the local policemen's pension and relief fund approves the participation in the plan. (2) For purposes of this section, credited service includes service credit recognized pursuant to this subchapter. (b) (1) The duration of participation in the plan for active police officers shall not exceed five (5) years. (2) The five-year limit may be extended if: (A) The extension does not cause the limit to exceed ten (10) years; (B) The extension applies to all active members and all members on the plan; (C) The extension is approved by a majority of votes of the board of trustees of the policemen's pension and relief fund or of the Arkansas Local Police and Fire Retirement System for funds whose administrative responsibility has been assigned to the system as provided in § 24-11-406(b) ; (D) The interest credited after the first five (5) years on the plan shall be two (2) percentage points below the rate of return of the investment portfolio of the fund and shall not be determined under subdivision (e)(2) of this section, but in no event shall the interest rate credited be less than zero percent (0%); and (E) The extension is approved by a majority vote of the governing body of the sponsoring municipality. (c) (1) Except under subdivisions (c)(2) and (3) of this section, at the conclusion of a member's participation in the plan, the member shall terminate employment with all participating municipalities as a police officer and shall start receiving the member's accrued monthly retirement benefit from the policemen's pension and relief fund. (2) If a member is at the conclusion of a member's participation in the plan, the member may continue employment by a municipality under the following conditions: (A) The municipality makes continued employment available to all similarly situated members; (B) The availability of continued employment is approved by a majority vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under § 24-11-102 ; (C) The monthly benefit that is credited to the member's plan account is discontinued and the member shall not receive a monthly benefit until the member actually ceases employment; (D) The interest rate credited to the plan account is the same paid as under subdivision (e)(2) of this section, except that the minimum rate is zero percent (0%); (E) The employer's matching contribution of six percent (6%) shall cease, but all other employer contributions shall continue and be credited to the policemen's pension and relief fund; and (F) The employee contributions of six percent (6%) shall discontinue. (3) (A) A member may enter into employment with a participating municipality so long as the member has a break of service from his or her previous employment of at least thirty (30) days as a police officer, begins employment in a law enforcement position, and becomes a member of the Arkansas Local Police and Fire Retirement System. (B) (i) Subdivision (c)(3)(A) of this section applies to a member of a local policemen's pension and relief fund after the break in service regardless of the original date of hire of the member by a municipality that participates in the Arkansas Local Police and Fire Retirement System. (ii) Retroactive application applies only if the member and employer contributions have been made under this chapter. (d) (1) When a member begins participation in the plan, the contribution of the police officer and the employer contribution shall continue to be paid. (2) (A) In a municipality having a population of over twenty thousand (20,000) persons, municipal matching contributions for employees who elect the plan shall be credited equally to the policemen's pension and relief fund and to the plan, or at the option of the local pension and relief fund board of trustees, credited in the manner provided in subdivision (d)(2)(B) of this section. (B) In a municipality having a population of twenty thousand (20,000) persons or less, municipal matching contributions for employees who elect the plan shall be credited in full to the policemen's pension and relief fund, and the contribution of the employee shall be credited to the member's plan account. (3) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive service retirement and pension supplement payments made by the Arkansas Policemen's Pension Supplement Program shall be paid into the plan account. (e) (1) The member's monthly retirement benefit shall not change unless the plan receives a benefit increase. (2) (A) A member who participates in this plan shall earn interest at a rate of two (2) percentage points below the rate of return of the investment portfolio of the policemen's pension and relief fund as certified by the actuary under contract with the Arkansas Fire and Police Pension Review Board in accordance with generally accepted actuarial practices and § 24-11-207 , but no less than the actuarial assumed interest rate as certified by the actuary. (B) The interest shall be credited to the individual account balance of the member on an annual basis. (f) (1) At the option of the participant, a participant in the plan shall receive a lump-sum payment from the account equal to the payments to the account or a true annuity based upon the account of the participant or may elect any other method of payment if approved by the board of trustees. (2) If approved by a majority vote of the governing body of the sponsoring municipality and the board of trustees, a participant in the deferred retirement option plan may defer receiving payment of the participant's account and continue with the funds deposited into the plan. (3) (A) Interest credited to the continuing deposit of funds in the plan under subdivision (f)(2) of this section shall be calculated in the same manner as interest under subdivision (e)(2) of this section. (B) However, the minimum interest rate shall not be less than zero percent (0%). (4) (A) The payment of funds accumulated while participating in the deferred retirement option plan may be deferred only one (1) time. (B) (i) These funds shall be distributed or annuitized by April 1 of the year following the calendar year in which a member attains the applicable age. (ii) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (iii) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age. (g) If the participant dies during the period of participation in the plan, a lump-sum payment equal to the account balance of the participant shall be paid. (h) A participant in the plan shall not receive any benefits under the plan unless he or she participates in the plan for a minimum of one (1) year, absent death or disability. (i) The Arkansas Fire and Police Pension Review Board may promulgate rules to make the plan under this section comply with the requirements of this section and with the applicable portions of the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2003. (j) Although the police officer may remain employed by the participating municipality, any member who opts to participate in the plan shall be considered to be retired for all retirement purposes, including, but not limited to, benefit increase purposes and the extension of benefits to the spouses of deceased members. Amended by Act 2023, No. 44,§ 3, eff. 8/1/2023. Amended by Act 2021, No. 73,§ 2, eff. 7/1/2021. Amended by Act 2019, No. 315,§ 2901, eff. 7/24/2019. Amended by Act 2013, No. 1102,§ 1, eff. 8/16/2013. Amended by Act 2013, No. 41,§ 18, eff. 2/6/2013. Acts 1993, No. 757, § 1; 1995, No. 961, § 1; 1997, No. 492, § 1; 1999, No. 670, § 3; 1999, No. 1457, § 1; 1999, No. 1459, § 1; 2001, No. 1543, § 5; 2003, No. 1371, §§ 1, 2; 2003, No. 1372, §§ 1, 2; 2005, No. 258, § 1; 2007, No. 1572, § 1.

(a) (1) In lieu of terminating employment and accepting a service retirement pension under this subchapter, a police officer who is a member of a policemen's pension and relief fund who has not less than twenty (20) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas Police Officers Deferred Retirement Option Plan and defer the receipt of benefits in accordance with the provisions of this section, provided that the board of trustees of the local policemen's pension and relief fund approves the participation in the plan. (2) For purposes of this section, credited service includes service credit recognized pursuant to this subchapter.

(1) In lieu of terminating employment and accepting a service retirement pension under this subchapter, a police officer who is a member of a policemen's pension and relief fund who has not less than twenty (20) years of credited service and who is eligible to receive a service retirement pension may elect to participate in the Arkansas Police Officers Deferred Retirement Option Plan and defer the receipt of benefits in accordance with the provisions of this section, provided that the board of trustees of the local policemen's pension and relief fund approves the participation in the plan.

(2) For purposes of this section, credited service includes service credit recognized pursuant to this subchapter.

(b) (1) The duration of participation in the plan for active police officers shall not exceed five (5) years. (2) The five-year limit may be extended if: (A) The extension does not cause the limit to exceed ten (10) years; (B) The extension applies to all active members and all members on the plan; (C) The extension is approved by a majority of votes of the board of trustees of the policemen's pension and relief fund or of the Arkansas Local Police and Fire Retirement System for funds whose administrative responsibility has been assigned to the system as provided in § 24-11-406(b) ; (D) The interest credited after the first five (5) years on the plan shall be two (2) percentage points below the rate of return of the investment portfolio of the fund and shall not be determined under subdivision (e)(2) of this section, but in no event shall the interest rate credited be less than zero percent (0%); and (E) The extension is approved by a majority vote of the governing body of the sponsoring municipality.

(1) The duration of participation in the plan for active police officers shall not exceed five (5) years.

(2) The five-year limit may be extended if: (A) The extension does not cause the limit to exceed ten (10) years; (B) The extension applies to all active members and all members on the plan; (C) The extension is approved by a majority of votes of the board of trustees of the policemen's pension and relief fund or of the Arkansas Local Police and Fire Retirement System for funds whose administrative responsibility has been assigned to the system as provided in § 24-11-406(b) ; (D) The interest credited after the first five (5) years on the plan shall be two (2) percentage points below the rate of return of the investment portfolio of the fund and shall not be determined under subdivision (e)(2) of this section, but in no event shall the interest rate credited be less than zero percent (0%); and (E) The extension is approved by a majority vote of the governing body of the sponsoring municipality.

(A) The extension does not cause the limit to exceed ten (10) years;

(B) The extension applies to all active members and all members on the plan;

(C) The extension is approved by a majority of votes of the board of trustees of the policemen's pension and relief fund or of the Arkansas Local Police and Fire Retirement System for funds whose administrative responsibility has been assigned to the system as provided in § 24-11-406(b) ;

(D) The interest credited after the first five (5) years on the plan shall be two (2) percentage points below the rate of return of the investment portfolio of the fund and shall not be determined under subdivision (e)(2) of this section, but in no event shall the interest rate credited be less than zero percent (0%); and

(E) The extension is approved by a majority vote of the governing body of the sponsoring municipality.

(c) (1) Except under subdivisions (c)(2) and (3) of this section, at the conclusion of a member's participation in the plan, the member shall terminate employment with all participating municipalities as a police officer and shall start receiving the member's accrued monthly retirement benefit from the policemen's pension and relief fund. (2) If a member is at the conclusion of a member's participation in the plan, the member may continue employment by a municipality under the following conditions: (A) The municipality makes continued employment available to all similarly situated members; (B) The availability of continued employment is approved by a majority vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under § 24-11-102 ; (C) The monthly benefit that is credited to the member's plan account is discontinued and the member shall not receive a monthly benefit until the member actually ceases employment; (D) The interest rate credited to the plan account is the same paid as under subdivision (e)(2) of this section, except that the minimum rate is zero percent (0%); (E) The employer's matching contribution of six percent (6%) shall cease, but all other employer contributions shall continue and be credited to the policemen's pension and relief fund; and (F) The employee contributions of six percent (6%) shall discontinue. (3) (A) A member may enter into employment with a participating municipality so long as the member has a break of service from his or her previous employment of at least thirty (30) days as a police officer, begins employment in a law enforcement position, and becomes a member of the Arkansas Local Police and Fire Retirement System. (B) (i) Subdivision (c)(3)(A) of this section applies to a member of a local policemen's pension and relief fund after the break in service regardless of the original date of hire of the member by a municipality that participates in the Arkansas Local Police and Fire Retirement System. (ii) Retroactive application applies only if the member and employer contributions have been made under this chapter.

(1) Except under subdivisions (c)(2) and (3) of this section, at the conclusion of a member's participation in the plan, the member shall terminate employment with all participating municipalities as a police officer and shall start receiving the member's accrued monthly retirement benefit from the policemen's pension and relief fund.

(2) If a member is at the conclusion of a member's participation in the plan, the member may continue employment by a municipality under the following conditions: (A) The municipality makes continued employment available to all similarly situated members; (B) The availability of continued employment is approved by a majority vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under § 24-11-102 ; (C) The monthly benefit that is credited to the member's plan account is discontinued and the member shall not receive a monthly benefit until the member actually ceases employment; (D) The interest rate credited to the plan account is the same paid as under subdivision (e)(2) of this section, except that the minimum rate is zero percent (0%); (E) The employer's matching contribution of six percent (6%) shall cease, but all other employer contributions shall continue and be credited to the policemen's pension and relief fund; and (F) The employee contributions of six percent (6%) shall discontinue.

(A) The municipality makes continued employment available to all similarly situated members;

(B) The availability of continued employment is approved by a majority vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under § 24-11-102 ;

(C) The monthly benefit that is credited to the member's plan account is discontinued and the member shall not receive a monthly benefit until the member actually ceases employment;

(D) The interest rate credited to the plan account is the same paid as under subdivision (e)(2) of this section, except that the minimum rate is zero percent (0%);

(E) The employer's matching contribution of six percent (6%) shall cease, but all other employer contributions shall continue and be credited to the policemen's pension and relief fund; and

(F) The employee contributions of six percent (6%) shall discontinue.

(3) (A) A member may enter into employment with a participating municipality so long as the member has a break of service from his or her previous employment of at least thirty (30) days as a police officer, begins employment in a law enforcement position, and becomes a member of the Arkansas Local Police and Fire Retirement System. (B) (i) Subdivision (c)(3)(A) of this section applies to a member of a local policemen's pension and relief fund after the break in service regardless of the original date of hire of the member by a municipality that participates in the Arkansas Local Police and Fire Retirement System. (ii) Retroactive application applies only if the member and employer contributions have been made under this chapter.

(A) A member may enter into employment with a participating municipality so long as the member has a break of service from his or her previous employment of at least thirty (30) days as a police officer, begins employment in a law enforcement position, and becomes a member of the Arkansas Local Police and Fire Retirement System.

(B) (i) Subdivision (c)(3)(A) of this section applies to a member of a local policemen's pension and relief fund after the break in service regardless of the original date of hire of the member by a municipality that participates in the Arkansas Local Police and Fire Retirement System. (ii) Retroactive application applies only if the member and employer contributions have been made under this chapter.

(i) Subdivision (c)(3)(A) of this section applies to a member of a local policemen's pension and relief fund after the break in service regardless of the original date of hire of the member by a municipality that participates in the Arkansas Local Police and Fire Retirement System.

(ii) Retroactive application applies only if the member and employer contributions have been made under this chapter.

(d) (1) When a member begins participation in the plan, the contribution of the police officer and the employer contribution shall continue to be paid. (2) (A) In a municipality having a population of over twenty thousand (20,000) persons, municipal matching contributions for employees who elect the plan shall be credited equally to the policemen's pension and relief fund and to the plan, or at the option of the local pension and relief fund board of trustees, credited in the manner provided in subdivision (d)(2)(B) of this section. (B) In a municipality having a population of twenty thousand (20,000) persons or less, municipal matching contributions for employees who elect the plan shall be credited in full to the policemen's pension and relief fund, and the contribution of the employee shall be credited to the member's plan account. (3) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive service retirement and pension supplement payments made by the Arkansas Policemen's Pension Supplement Program shall be paid into the plan account.

(1) When a member begins participation in the plan, the contribution of the police officer and the employer contribution shall continue to be paid.

(2) (A) In a municipality having a population of over twenty thousand (20,000) persons, municipal matching contributions for employees who elect the plan shall be credited equally to the policemen's pension and relief fund and to the plan, or at the option of the local pension and relief fund board of trustees, credited in the manner provided in subdivision (d)(2)(B) of this section. (B) In a municipality having a population of twenty thousand (20,000) persons or less, municipal matching contributions for employees who elect the plan shall be credited in full to the policemen's pension and relief fund, and the contribution of the employee shall be credited to the member's plan account.

(A) In a municipality having a population of over twenty thousand (20,000) persons, municipal matching contributions for employees who elect the plan shall be credited equally to the policemen's pension and relief fund and to the plan, or at the option of the local pension and relief fund board of trustees, credited in the manner provided in subdivision (d)(2)(B) of this section.

(B) In a municipality having a population of twenty thousand (20,000) persons or less, municipal matching contributions for employees who elect the plan shall be credited in full to the policemen's pension and relief fund, and the contribution of the employee shall be credited to the member's plan account.

(3) The monthly retirement benefits that would have been payable had the member elected to cease employment and receive service retirement and pension supplement payments made by the Arkansas Policemen's Pension Supplement Program shall be paid into the plan account.

(e) (1) The member's monthly retirement benefit shall not change unless the plan receives a benefit increase. (2) (A) A member who participates in this plan shall earn interest at a rate of two (2) percentage points below the rate of return of the investment portfolio of the policemen's pension and relief fund as certified by the actuary under contract with the Arkansas Fire and Police Pension Review Board in accordance with generally accepted actuarial practices and § 24-11-207 , but no less than the actuarial assumed interest rate as certified by the actuary. (B) The interest shall be credited to the individual account balance of the member on an annual basis.

(1) The member's monthly retirement benefit shall not change unless the plan receives a benefit increase.

(2) (A) A member who participates in this plan shall earn interest at a rate of two (2) percentage points below the rate of return of the investment portfolio of the policemen's pension and relief fund as certified by the actuary under contract with the Arkansas Fire and Police Pension Review Board in accordance with generally accepted actuarial practices and § 24-11-207 , but no less than the actuarial assumed interest rate as certified by the actuary. (B) The interest shall be credited to the individual account balance of the member on an annual basis.

(A) A member who participates in this plan shall earn interest at a rate of two (2) percentage points below the rate of return of the investment portfolio of the policemen's pension and relief fund as certified by the actuary under contract with the Arkansas Fire and Police Pension Review Board in accordance with generally accepted actuarial practices and § 24-11-207 , but no less than the actuarial assumed interest rate as certified by the actuary.

(B) The interest shall be credited to the individual account balance of the member on an annual basis.

(f) (1) At the option of the participant, a participant in the plan shall receive a lump-sum payment from the account equal to the payments to the account or a true annuity based upon the account of the participant or may elect any other method of payment if approved by the board of trustees. (2) If approved by a majority vote of the governing body of the sponsoring municipality and the board of trustees, a participant in the deferred retirement option plan may defer receiving payment of the participant's account and continue with the funds deposited into the plan. (3) (A) Interest credited to the continuing deposit of funds in the plan under subdivision (f)(2) of this section shall be calculated in the same manner as interest under subdivision (e)(2) of this section. (B) However, the minimum interest rate shall not be less than zero percent (0%). (4) (A) The payment of funds accumulated while participating in the deferred retirement option plan may be deferred only one (1) time. (B) (i) These funds shall be distributed or annuitized by April 1 of the year following the calendar year in which a member attains the applicable age. (ii) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (iii) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

(1) At the option of the participant, a participant in the plan shall receive a lump-sum payment from the account equal to the payments to the account or a true annuity based upon the account of the participant or may elect any other method of payment if approved by the board of trustees.

(2) If approved by a majority vote of the governing body of the sponsoring municipality and the board of trustees, a participant in the deferred retirement option plan may defer receiving payment of the participant's account and continue with the funds deposited into the plan.

(3) (A) Interest credited to the continuing deposit of funds in the plan under subdivision (f)(2) of this section shall be calculated in the same manner as interest under subdivision (e)(2) of this section. (B) However, the minimum interest rate shall not be less than zero percent (0%).

(A) Interest credited to the continuing deposit of funds in the plan under subdivision (f)(2) of this section shall be calculated in the same manner as interest under subdivision (e)(2) of this section.

(B) However, the minimum interest rate shall not be less than zero percent (0%).

(4) (A) The payment of funds accumulated while participating in the deferred retirement option plan may be deferred only one (1) time. (B) (i) These funds shall be distributed or annuitized by April 1 of the year following the calendar year in which a member attains the applicable age. (ii) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (iii) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

(A) The payment of funds accumulated while participating in the deferred retirement option plan may be deferred only one (1) time.

(B) (i) These funds shall be distributed or annuitized by April 1 of the year following the calendar year in which a member attains the applicable age. (ii) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age. (iii) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

(i) These funds shall be distributed or annuitized by April 1 of the year following the calendar year in which a member attains the applicable age.

(ii) In the case of a participant who attains seventy-two (72) years of age after December 31, 2022, and seventy-three (73) years of age before January 1, 2033, the applicable age is seventy-three (73) years of age.

(iii) In the case of a participant who attains seventy-four (74) years of age after December 31, 2032, the applicable age is seventy-five (75) years of age.

(g) If the participant dies during the period of participation in the plan, a lump-sum payment equal to the account balance of the participant shall be paid.

(h) A participant in the plan shall not receive any benefits under the plan unless he or she participates in the plan for a minimum of one (1) year, absent death or disability.

(i) The Arkansas Fire and Police Pension Review Board may promulgate rules to make the plan under this section comply with the requirements of this section and with the applicable portions of the Internal Revenue Code, 26 U.S.C. § 1 et seq., as it existed on January 1, 2003.

(j) Although the police officer may remain employed by the participating municipality, any member who opts to participate in the plan shall be considered to be retired for all retirement purposes, including, but not limited to, benefit increase purposes and the extension of benefits to the spouses of deceased members.

Amended by Act 2023, No. 44,§ 3, eff. 8/1/2023.

Amended by Act 2021, No. 73,§ 2, eff. 7/1/2021.

Amended by Act 2019, No. 315,§ 2901, eff. 7/24/2019.

Amended by Act 2013, No. 1102,§ 1, eff. 8/16/2013.

Amended by Act 2013, No. 41,§ 18, eff. 2/6/2013.

Acts 1993, No. 757, § 1; 1995, No. 961, § 1; 1997, No. 492, § 1; 1999, No. 670, § 3; 1999, No. 1457, § 1; 1999, No. 1459, § 1; 2001, No. 1543, § 5; 2003, No. 1371, §§ 1, 2; 2003, No. 1372, §§ 1, 2; 2005, No. 258, § 1; 2007, No. 1572, § 1.
Ark. Code Ann. § 24-11-805 — AR Code / Title 24 / Chapter 11 / Subchapter 8 / Section 24-11-805
Investment
Status: in_force

(a) (1) All moneys provided for the firemen's relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen's relief and pension fund, and the firemen's relief and pension fund shall be used for no other purpose. (2) The additional duties imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer. (b) The board of trustees of the firemen's relief and pension fund shall have the power with the consent of a majority of the firefighters at the time employed, expressed in writing and filed with the city clerk, to authorize the treasurer to draw sums from its treasury to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city where the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., the Arkansas Local Police and Fire Retirement System, in certificates of deposit or time deposits in banks duly established and authorized to do business in this state, or in savings and loan associations duly established and authorized to do business in this state. (c) Except as provided in subsection (d) of this section, all securities shall be deposited with the treasurer of the board and shall be subject to the orders of the board. (d) (1) However, in those firemen's relief and pension funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ: (A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the system, as provided by § 24-10-401 et seq.; and (B) A trustee or custodian to hold the assets. (2) Investments shall not be limited to interest-bearing bonds, certificates of deposit, and time deposits. (3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be: (A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and (B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board. (e) A decision on whether to invest, not invest, or withdraw from investment moneys provided for the firemen's relief and pension fund shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel. Amended by Act 2017, No. 794,§ 2, eff. 8/1/2017. Acts 1921, No. 491, § 15; Pope's Dig., § 7751; Acts 1939, No. 84, § 1; 1957, No. 121, § 2; 1967, No. 156, § 1; 1985, No. 6, § 3; 1985, No. 16, § 3; A.S.A. 1947, § 19-2223; Acts 1989, No. 152, § 4; 1995, No. 615, § 3; 1999, No. 901, § 2; 2005, No. 2094, § 2; 2009, No. 1201, §§ 4, 5.

(a) (1) All moneys provided for the firemen's relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen's relief and pension fund, and the firemen's relief and pension fund shall be used for no other purpose. (2) The additional duties imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.

(1) All moneys provided for the firemen's relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen's relief and pension fund, and the firemen's relief and pension fund shall be used for no other purpose.

(2) The additional duties imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.

(b) The board of trustees of the firemen's relief and pension fund shall have the power with the consent of a majority of the firefighters at the time employed, expressed in writing and filed with the city clerk, to authorize the treasurer to draw sums from its treasury to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city where the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., the Arkansas Local Police and Fire Retirement System, in certificates of deposit or time deposits in banks duly established and authorized to do business in this state, or in savings and loan associations duly established and authorized to do business in this state.

(c) Except as provided in subsection (d) of this section, all securities shall be deposited with the treasurer of the board and shall be subject to the orders of the board.

(d) (1) However, in those firemen's relief and pension funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ: (A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the system, as provided by § 24-10-401 et seq.; and (B) A trustee or custodian to hold the assets. (2) Investments shall not be limited to interest-bearing bonds, certificates of deposit, and time deposits. (3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be: (A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and (B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.

(1) However, in those firemen's relief and pension funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ: (A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the system, as provided by § 24-10-401 et seq.; and (B) A trustee or custodian to hold the assets.

(A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the system, as provided by § 24-10-401 et seq.; and

(B) A trustee or custodian to hold the assets.

(2) Investments shall not be limited to interest-bearing bonds, certificates of deposit, and time deposits.

(3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be: (A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and (B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.

(A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and

(B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.

(e) A decision on whether to invest, not invest, or withdraw from investment moneys provided for the firemen's relief and pension fund shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.

Amended by Act 2017, No. 794,§ 2, eff. 8/1/2017.

Acts 1921, No. 491, § 15; Pope's Dig., § 7751; Acts 1939, No. 84, § 1; 1957, No. 121, § 2; 1967, No. 156, § 1; 1985, No. 6, § 3; 1985, No. 16, § 3; A.S.A. 1947, § 19-2223; Acts 1989, No. 152, § 4; 1995, No. 615, § 3; 1999, No. 901, § 2; 2005, No. 2094, § 2; 2009, No. 1201, §§ 4, 5.
Ark. Code Ann. § 24-8-409 — AR Code / Title 24 / Chapter 8 / Subchapter 4 / Section 24-8-409
Clerks' benefits - Actuarial valuations - Transfer of funds
Status: in_force

(a) The city treasurer shall cause an actuarial valuation to be made of the additional liabilities created by § 24-8-408 . In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits to retired municipal officers as provided by § 24-8-408 , the city treasurer shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature and the extent that the city's member liabilities will exceed the amount of employee and employer contributions and interest thereon. (b) (1) The city treasurer shall then calculate with the assistance of the actuary the amount of funds required annually to actuarially fund the additional unfunded liabilities created by § 24-8-408 . He or she shall annually certify to the Chief Fiscal Officer of the State the amount required for the year to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits. (2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against the municipality, based on the unfunded liabilities with respect to its official and employee members. (c) (1) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the Municipal Aid Fund, from general revenues allocated to that fund for turnback to cities, to the municipality for credit to the municipal court clerks' retirement fund. (2) From the general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by the city an amount as computed pursuant to this section required to pay retirement benefits for its elected municipal clerk. (3) The moneys to be transferred from the Municipal Aid Fund shall not be charged against the total of the Municipal Aid Fund moneys available for distribution to cities, since it is the intent of this section that each city shall pay annually, from its municipal aid general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its city employee members. Acts 1979, No. 155, § 2; A.S.A. 1947, § 22-944.1.

(a) The city treasurer shall cause an actuarial valuation to be made of the additional liabilities created by § 24-8-408 . In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits to retired municipal officers as provided by § 24-8-408 , the city treasurer shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature and the extent that the city's member liabilities will exceed the amount of employee and employer contributions and interest thereon.

(b) (1) The city treasurer shall then calculate with the assistance of the actuary the amount of funds required annually to actuarially fund the additional unfunded liabilities created by § 24-8-408 . He or she shall annually certify to the Chief Fiscal Officer of the State the amount required for the year to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits. (2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against the municipality, based on the unfunded liabilities with respect to its official and employee members.

(1) The city treasurer shall then calculate with the assistance of the actuary the amount of funds required annually to actuarially fund the additional unfunded liabilities created by § 24-8-408 . He or she shall annually certify to the Chief Fiscal Officer of the State the amount required for the year to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits.

(2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against the municipality, based on the unfunded liabilities with respect to its official and employee members.

(c) (1) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the Municipal Aid Fund, from general revenues allocated to that fund for turnback to cities, to the municipality for credit to the municipal court clerks' retirement fund. (2) From the general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by the city an amount as computed pursuant to this section required to pay retirement benefits for its elected municipal clerk. (3) The moneys to be transferred from the Municipal Aid Fund shall not be charged against the total of the Municipal Aid Fund moneys available for distribution to cities, since it is the intent of this section that each city shall pay annually, from its municipal aid general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its city employee members.

(1) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the Municipal Aid Fund, from general revenues allocated to that fund for turnback to cities, to the municipality for credit to the municipal court clerks' retirement fund.

(2) From the general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by the city an amount as computed pursuant to this section required to pay retirement benefits for its elected municipal clerk.

(3) The moneys to be transferred from the Municipal Aid Fund shall not be charged against the total of the Municipal Aid Fund moneys available for distribution to cities, since it is the intent of this section that each city shall pay annually, from its municipal aid general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its city employee members.

Acts 1979, No. 155, § 2; A.S.A. 1947, § 22-944.1.