reglab/housing_qa huggingface dataset:
AR Code § 24-2-619 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-619. Language invoking standard of subchapter

 The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter:   (1) “Investments permissible by law for investment of trust funds”;  (2) “Legal investments”;  (3) “Authorized investments”;  (4) “Using the judgment and care under the circumstances then prevailing that persons of prudence, discretion, and intelligence exercise in the management of their own affairs, not in regard to speculation but in regard to the permanent disposition of their funds, considering the probable income as well as the probable safety of their capital”;  (5) “Prudent man rule”;  (6) “Prudent trustee rule”;  (7) “Prudent person rule”; and  (8) “Prudent investor rule”.
AR Code § 24-2-701 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 7 - Arkansas Public Employee Retirement Plans|§ 24-2-701. Financial objectives and actuarial valuation

 (a) The general financial objective of each Arkansas public employee retirement plan shall be to establish and receive contributions that, expressed as percentages of active member payroll, will remain approximately level from generation to generation of state citizens. More specifically, contributions received each year shall be sufficient both:  (1) To fully cover the costs of benefit commitments being made to members for their service being rendered in that year; and  (2)  (A) To make a level payment that if paid annually over a reasonable period of future years will fully cover the unfunded costs of benefit commitments for service previously rendered.  (B) Alternatively, if the costs of benefit commitments for service previously rendered are overfunded, the plan may deduct a level payment that if deducted annually over a reasonable period of future years will fully liquidate the overfunded portion of such costs.      (b) Each state public employee retirement plan shall cause an actuarial valuation of the plan or fund to be made at least biennially, and preferably annually, to determine how well the plan is meeting the objectives set forth in subsection (a) of this section.  (c) The employer contribution rates to the retirement systems shall be as follows:  (1)  (A) For the Arkansas Teacher Retirement System, the Board of Trustees of the Arkansas Teacher Retirement System shall establish employer contribution rates prospectively each year.  (B) The employer contribution rates shall be based on the actuary's determination of the rate required to fund the plan as necessary to meet the general financial objective set forth in subsection (a) of this section.  (C) The employer contribution rates shall be the rates determined by the Board of Trustees of the Arkansas Teacher Retirement System under § 24-7-401(c) and based on the annual actuarial valuation of the Arkansas Teacher Retirement System;    (2) For the State Police Retirement System, twenty-two percent (22%); and  (3)  (A) For the Arkansas Public Employees' Retirement System, the Board of Trustees of the Arkansas Public Employees' Retirement System shall establish employer contribution rates prospectively each year, and the rates shall be based on the actuary's determination of the rate required to fund the plan in accordance with the objectives set forth in subsection (a) of this section.  (B) The employer contribution rates shall be the rates determined by the annual actuarial valuation.      (d) Subsection (c) of this section shall not be construed as affecting in any way the existing methods of determining the years of credited service for computing benefits or determining retirement eligibility.
AR Code § 24-2-702 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 7 - Arkansas Public Employee Retirement Plans|§ 24-2-702. Reports

 (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.
AR Code § 24-2-703 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 7 - Arkansas Public Employee Retirement Plans|§ 24-2-703. Tax exemptions

 (a) The assets of the Arkansas Public Employees' Retirement System, the State Police Retirement System, the Arkansas Judicial Retirement System, the Arkansas State Highway Employees' Retirement System, and the Arkansas Teacher Retirement System are exempt from taxes by the state or any political subdivision or agency thereof.  (b)  (1) It is the purpose of this section to provide equitable tax treatment to persons receiving benefits from alternate publicly supported retirement or annuity plans of the state's colleges and universities and the Division of Higher Education.  (2) It is not the intent of this section to reduce the income tax exemption provided by law to any person in regard to retirement or survivor benefits.
AR Code § 24-2-704 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 7 - Arkansas Public Employee Retirement Plans|§ 24-2-704. Retirement in event of government reorganization

 (a) In the event of any structural reorganization of state government operations, all current employees, appointees, trustees, and commissioners of any affected agency, board, or commission shall remain associated with the state-supported retirement system that existed for them as of the date immediately prior to the reorganization.  (b)  (1) Member employers and employees of any state-supported retirement system shall remain covered by their respective systems.  (2) The transition of any state agency or other political subdivision of the state from one state-supported retirement system to another shall be accomplished through enabling legislation in the Eighty-fifth General Assembly.  (3) In the event of a retirement coverage transition, there shall be no transfer of service from one retirement system to another. Instead, the provisions of §§ 24-2-402 — 24-2-405, 24-2-407, and 24-2-408 shall be in full force and effect.
AR Code § 24-4-102 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-102. Penalty

 Any person who knowingly makes any false statements or who falsifies or permits to be falsified any record in an attempt to defraud the Arkansas Public Employees' Retirement System as the result of such an act shall be guilty of a Class A misdemeanor.
AR Code § 24-4-103 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-103. Creation of retirement system

 (a) There is created and established a retirement system for the employees of the State of Arkansas and participating public employers to be known as the “Arkansas Public Employees' Retirement System”.  (b) All business of the system shall be transacted through a board of trustees as provided for in this act.
AR Code § 24-4-104 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-104. Board of trustees — Creation — Members

 (a) The administration and control of the Arkansas Public Employees' Retirement System shall be vested in a board called the “Board of Trustees of the Arkansas Public Employees' Retirement System”.  (b) The board shall consist of nine (9) trustees, as follows:  (1) The Auditor of State, the Treasurer of State, and the Secretary of the Department of Finance and Administration shall be ex officio members; and  (2)  (A) Three (3) members who are state employees and three (3) members who are nonstate employees to be appointed by the Governor.  (B) Each nonstate employee trustee and each state employee trustee shall have at least five (5) continuous years of service with a public employer or employers and shall be a member of the system.  (C) No more than one (1) of the three (3) members who are nonstate employee trustees and no more than one (1) of the three (3) members who are state employee trustees may be a retired member of the system.      (c)  (1) The term of office of appointed trustees shall be six (6) years.  (2)  (A) The Governor shall declare a vacancy on the board when a:  (i) Nonstate employee trustee leaves the employ of a participating public employer;  (ii) State employee trustee leaves state employment;  (iii) Member who is a nonstate employee trustee retires and there is another retired member of the system who is a nonstate employee trustee on the board; and  (iv) Member who is a state employee trustee retires and there is another retired member of the system who is a state employee trustee on the board.    (B) A vacancy declared under subdivisions (c)(2)(A)(iii) and (iv) of this section shall be for the seat of the newly retired trustee.  (C) The Governor shall appoint a state employee member or a nonstate employee member to fill the vacancy for the remainder of the unexpired term within thirty (30) days of the date on which the vacancy is declared.      (d)  (1) Annually, the board shall select from its membership a chair and a vice chair.  (2) The board shall appoint an executive director who shall be the executive administrative officer of the system and shall also be ex officio secretary of the board, but who shall have no vote on questions before the board and who shall be directly responsible to the board.  (3) By resolution duly adopted, the board may delegate to the executive director any of the powers and duties vested in or imposed upon it by law.  (4) Within such limitations as may be contained in legislative appropriations therefor, the executive director, subject to the approval of the board, may employ and fix the compensation of such secretarial, clerical, professional, and other personnel as may be required for the proper administration of the system.
AR Code § 24-4-105 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-105. Board of trustees — Meetings — Powers and duties

 (a)  (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall hold meetings regularly, at least one (1) meeting in each quarter year, and shall designate the time and place of the meeting.  (2) Special meetings may be held in accordance with such rules as the board shall adopt from time to time.  (3) Five (5) trustees shall constitute a quorum at any meeting of the board, and at least five (5) concurring votes shall be necessary for a decision by the board at any of its meetings.    (b) In addition to such other duties as are imposed upon the board by this act, the board shall:  (1) Make all rules as it shall deem necessary from time to time in the transaction of its business and in administering the Arkansas Public Employees' Retirement System;  (2) Provide for the administrative direction and control of the Executive Director of the Arkansas Public Employees' Retirement System and such clerical staff as may be required in the administration of the system;  (3) Provide for an actuarial valuation of the system as may be deemed necessary by the board;  (4) Exercise discretionary power and authority in the investments of, and disbursements of, the funds of the system, subject to the provisions of this act;  (5) Adopt such mortality and other tables of experience, and a rate or rates of interest, as shall be required in the proper operation of the system;  (6) Perform the duties of trustee without additional compensation therefor, but may receive expense reimbursement in accordance with § 25-16-901 et seq.; and  (7) Do any and all things necessary for the proper administration of the system and for carrying out and making effective the provisions of this act.
AR Code § 24-4-106 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-106. Limitations — Definition

 (a)  (1)  (A) Notwithstanding any provisions to the contrary, it is considered sound public policy to limit contributions by public employers to one (1) state-authorized retirement plan. Accordingly, effective July 1, 1999, employers participating in the Arkansas Public Employees' Retirement System shall not establish any other state-authorized plan that requires contributions by the employer.  (B) The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate such rules as are required to prohibit the establishment of such plans in the future.    (2) An employer that, in addition to participating in the system, has another state-authorized plan that was in existence on July 1, 1999, shall not be prohibited from:  (A) Changing vendors for the plan;  (B) Adding employees to the plan; or  (C) Modifying a plan pursuant to federal guidelines.    (3) If an employer merges with another employer and either employer has a plan that was in existence on July 1, 1999, then the merged entity may continue to provide the plan for employees of the entity.    (b) The system shall notify all participating employers on an annual basis of the requirements of this section and the board rules governing this subject.  (c) For the purpose of this section, “state-authorized plan” means any retirement plan authorized by state or federal law.
AR Code § 24-4-107 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-107. Proposals to establish or revise

 The Board of Trustees of the Arkansas Public Employees' Retirement System shall present to the Joint Committee on Public Retirement and Social Security Programs information concerning the statutory authority and actuarial appropriateness of proposed board actions to establish or revise a multiplier, any benefit, or a provision of a deferred retirement option plan.
AR Code § 24-4-108 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-108. Implementation of contributory component

 (a)  (1) It shall be considered sound public policy to encourage public employees in the State of Arkansas to participate in the development and growth of their individual retirement benefits.  (2) In order that the Arkansas Public Employees' Retirement System continues to maintain a strong funded status while ensuring that benefits provided to the annuitants and beneficiaries of the system maintain a constant purchasing power, it is incumbent upon the Board of Trustees of the Arkansas Public Employees' Retirement System to consider reintroducing employee contributions as a required provision of the plan structure.    (b)  (1) In accordance with the rules of the board, there shall be an annual review of the actuarial valuation of the plan as provided by its actuary.  (2) During each annual review, the board shall consider the actuarial appropriateness of establishing a contributory component within the system.  (3) Issues to be considered are to include, but not be limited to:  (A) Mitigating additional increases in the employer contribution rate;  (B) The establishment of a tax deferral of employee contributions under the Internal Revenue Code of 1986, 26 U.S.C.S. § 414(h), as in effect on January 1, 2003;  (C) The establishment of a time horizon in which current system members may elect contributory status; and  (D) The extent of benefit portability.      (c)  (1) Beginning July 1, 2005, the board shall implement and establish a contributory plan for members of the system.  (2) The board shall develop policies and rules from its annual review of the contributory component of the system and, as a minimum, the board's rules shall provide for:  (A) The member contribution rate;  (B) The annual multiplier rate for benefits that a contributory member of the system shall receive upon becoming eligible to receive a retirement benefit;  (C) The combining of contributory and noncontributory service together to receive a retirement benefit from the system; and  (D) Any other contributory qualifications or requirements necessary to implement the contributory plan for the system.
AR Code § 24-4-109 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-109. Compliance with federal regulation

 (a) The Board of Trustees of the Arkansas Public Employees' Retirement System shall promulgate rules as it deems necessary from time to time in order to fully comply with federal requirements that may affect the members or the members' benefits under this subchapter.  (b) In meeting its obligation to its members, the board may promulgate rules to:  (1) Establish the regular retirement age for members consistent with the provisions of the Internal Revenue Code, 26 U.S.C.S. § 411; and  (2) Maintain the Arkansas Public Employees' Retirement System's retirement plan tax qualification status by the federal government to remain tax exempt and tax qualified under the Internal Revenue Code, 26 U.S.C. § 401(a).
AR Code § 24-4-110 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-110. Failure to terminate — Commencement of annuity payments — Election to retire

 A retirant shall not begin receiving annuity payments until all requirements for terminating qualified employment are satisfied.
AR Code § 24-4-111 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 1 - General Provisions|§ 24-4-111. Failure to meet termination requirements — Member's retirement election

 The failure to meet termination requirements does not revoke a member's retirement election.
AR Code § 24-4-201 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 2 - Funds and Management of Assets|§ 24-4-201. Arkansas Public Employees' Retirement System Fund — Creation — System accounts

 (a)  (1) There is established on the books of the Treasurer of State, the Auditor of State, and the Secretary of the Department of Finance and Administration a fund to be known as the “Arkansas Public Employees' Retirement System Fund”.  (2) This fund shall consist of trust funds as provided by law and shall be used for the payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.    (b)  (1) The Board of Trustees of the Arkansas Public Employees' Retirement System shall have the authority to establish a division or divisions for the various participating employers as necessary to administer the Arkansas Public Employees' Retirement System.  (2) The retirement system accounts shall be the members' deposit account, the employers' accumulation account, the retirement reserve account, the income account, and such other accounts as the board shall establish from time to time.
AR Code § 24-4-205 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 2 - Funds and Management of Assets|§ 24-4-205. State as trustee

 The promulgation of this chapter shall constitute an offer by the state to serve as trustee for the funds collected under the provisions of this chapter, as well as a guarantee that the disbursement thereof shall be in accordance with the provisions of this chapter and that none of the funds shall be used for any purpose except the purposes provided for in this Act.
AR Code § 24-4-208 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 2 - Funds and Management of Assets|§ 24-4-208. Reduction of annuities when funds inadequate

 (a)  (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the State Division of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the State Division of the Arkansas Public Employees' Retirement System of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, the annuities payable to state retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.  (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the State Division of the employers' accumulation account and the retirement reserve account.  (3) The pro rata reduction shall be applied to all annuities payable to state retirants and beneficiaries during the ensuing fiscal year.    (b)  (1) If, at the end of any fiscal year, the total of the annuities paid during the fiscal year from the Local Government Division of the Arkansas Public Employees' Retirement System of the retirement reserve account is more than twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account at the end of the fiscal year, then the annuities payable to county retirants and beneficiaries in the ensuing fiscal year shall be reduced pro rata.  (2) This reduction shall be made in such a manner that the total of the annuities so reduced shall not exceed twelve percent (12%) of the sum of the balances in the Local Government Division of the employers' accumulation account and the retirement reserve account.  (3) The pro rata reduction shall be applied to all annuities payable to local government retirants and beneficiaries during the ensuing fiscal year.
AR Code § 24-4-209 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 4 - Arkansas Public Employees' Retirement System|Subchapter 2 - Funds and Management of Assets|§ 24-4-209. Interest

 (a) At the end of each fiscal year, the Board of Trustees of the Arkansas Public Employees' Retirement System may allow the crediting of interest at an amount to be determined on the balance at the beginning of the fiscal year in the members' deposit account and the employers' accumulation account.  (b) The board shall be required to allow regular interest at the end of each fiscal year on the year's mean balance in the retirement reserve account.  (c) The interest allowed under subsections (a) and (b) of this section shall be credited annually by the board to the accounts and shall be paid from the income account.