reglab/housing_qa huggingface dataset:
AR Code § 24-9-209 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 9 - Local Pension Funds Generally|Subchapter 2 - Investment of Pension and Trust Funds|§ 24-9-209. Listing of securities

 (a) The board shall maintain a detailed listing of all securities owned by the trust.  (b) Purchases and sales of securities shall be by official board action documented in the board minutes.
AR Code § 24-10-101 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 1 - General Provisions|§ 24-10-101. Purpose

 The purpose of this chapter, which creates and establishes the Arkansas Local Police and Fire Retirement System, is to establish a benefit program for future police officers and firefighters in Arkansas and to establish a statewide retirement system which will have the advantages of pooled administration while preserving local rights and local contribution rates.
AR Code § 24-10-103 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 1 - General Provisions|§ 24-10-103. Tax exemption

 (a) The benefits payable by, and the assets of, the Arkansas Local Police and Fire Retirement System are exempt from taxes by the state or any political subdivision or agency thereof.  (b) The system shall be treated in the same manner as the Civil Service Retirement System for purposes of federal taxation.
AR Code § 24-10-104 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 1 - General Provisions|§ 24-10-104. Correction of errors

 (a) Should any change or error in records result in any person receiving from the Arkansas Local Police and Fire Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall correct the error and, as far as is practicable, shall adjust the payment of the benefit in such manner that the actuarial equivalent of the benefit to which the person was correctly entitled shall be paid.  (b) The board may file an action in a court of competent jurisdiction to recover an overpayment a person has received from the funds of the system.
AR Code § 24-10-105 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 1 - General Provisions|§ 24-10-105. Penalty

 Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in any attempt to defraud the Arkansas Local Police and Fire Retirement System shall be guilty of a criminal act and upon conviction thereof shall be punished accordingly.
AR Code § 24-10-106 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 1 - General Provisions|§ 24-10-106. Limitation on benefit enhancement of Acts 1997, No. 769

 No benefit enhancement provided for by § 24-10-102(21) 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 § 24-10-102(21) 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.
AR Code § 24-10-107 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 1 - General Provisions|§ 24-10-107. Direct deposit of insurance premium tax money in system

 (a) The Arkansas Fire and Police Pension Review Board and the Board of Trustees of the Arkansas Local Police and Fire Retirement System are directed to develop and adopt appropriate rules and procedures to allow insurance premium tax money that is allocated to the Arkansas Local Police and Fire Retirement System to be deposited directly to the system.  (b) The rules and procedures shall be adopted by May 1, 2004.
AR Code § 24-10-201 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 2 - Board of Trustees|§ 24-10-201. Members and terms

 (a) The general administration and the responsibility for the proper operation of the Arkansas Local Police and Fire Retirement System and for making effective the provisions of this chapter are vested in a board of trustees of seven (7) persons as follows:  (1) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Professional Fire Fighters Association and the Arkansas State Firefighters Association and subject to confirmation by the Senate;  (2) One (1) person to be appointed member trustee by the Governor after consulting the Arkansas Municipal Police Association and the Arkansas Fraternal Order of Police and subject to confirmation by the Senate;  (3) Two (2) persons to be appointed employer trustees by the Governor after consulting the Arkansas Municipal League and subject to confirmation by the Senate;  (4) One (1) person who is not a member, retirant, or beneficiary of the system and who is not a member of the governing body of any political subdivision to be appointed trustee by the Governor from a list of persons submitted to him or her by the Joint Committee on Public Retirement and Social Security Programs;  (5) One (1) person who is a retired municipal police officer to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs; and  (6) One (1) person who is a retired municipal firefighter to be appointed a member trustee by the Governor from a list of two (2) persons submitted to him or her by the cochairs of the Joint Committee on Public Retirement and Social Security Programs.    (b)  (1) The normal term of office for a trustee shall be four (4) years from January 1 next following his or her election or appointment, as the case may be.  (2) Each trustee shall continue to serve as trustee until a successor is appointed and has qualified.    (c) Trustees elected or appointed as member trustees shall be retired or active members of the system, but:  (1) Not more than one (1) member trustee shall be employed or formerly employed by any one (1) employer;  (2) Not more than two (2) member trustees shall be police officers or retired police officers; and  (3) Not more than two (2) member trustees shall be firefighters or retired firefighters.    (d) Trustees appointed as employer trustees shall be elected or appointed officials of employers with management experience and shall not be members of the system, but not more than one (1) employer trustee shall be from any one (1) employer.
AR Code § 24-10-202 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 2 - Board of Trustees|§ 24-10-202. Vacancies

 (a) In the event any member trustee ceases to be a member of the Arkansas Local Police and Fire Retirement System, or if any employer trustee ceases to be an appointed or elected official of an employer or becomes a member of the system, or if the citizen trustee becomes a member of the system or an elected or appointed official of an employer, or if any trustee fails to attend three (3) consecutive meetings of the Board of Trustees of the Arkansas Local Police and Fire Retirement System, unless in each case excused for cause by the remaining trustees attending the meetings, he or she shall be considered as having resigned from the board, and the board by resolution shall declare his or her office of trustee vacated.  (b) 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) From the time a vacancy in the office of trustee 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 trustees in office by majority vote may elect a person to fill temporarily the vacancy for the interim period but in no event for a period longer than one (1) year.
AR Code § 24-10-203 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 2 - Board of Trustees|§ 24-10-203. Proceedings

 (a)  (1)  (A) Each trustee shall be entitled to one (1) vote on the Board of Trustees of the Arkansas Local Police and Fire Retirement System.  (B) Three (3) votes shall be necessary for a decision by the trustees at any meeting of the board.    (2) Three (3) trustees, of whom at least one (1) shall be a member trustee and at least one (1) shall be an employer trustee, shall constitute a quorum at any meeting of the board.  (3) Unless otherwise expressly provided in this section, a meeting need not be called or held to make any decision on a matter before the board. Each member must be sent, by the Executive Director of the Arkansas Local Police and Fire Retirement System, a copy of the matter to be decided with full information from the files of the board. The concurring decisions of three (3) trustees may decide the issue by signing a document declaring their decision and sending the written instrument to the executive director, but only if no other trustee shall send a dissenting decision to the executive director within fifteen (15) days after the document and information were mailed to him or her. If any trustee is not in agreement with the three (3) trustees, the matter is to be passed on at a regular board meeting or a special meeting called for that purpose.  (4) Meetings of the board may be called by the chair or by a majority of the members in a manner established by the board.    (b)  (1) The board shall serve as trustees without compensation for their services as such.  (2) However, each trustee may receive expense reimbursement in accordance with § 25-16-901 et seq.    (c) Subject to the limitations of this chapter, the board shall formulate and adopt rules for the government of its own proceedings and for the administration of the system.  (d) The board shall elect one (1) of its members as chair and one (1) of its members as vice chair.
AR Code § 24-10-204 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 2 - Board of Trustees|§ 24-10-204. Employees

 (a)  (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board.  (2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System.    (b) After the operative date, the board shall appoint an actuary or a firm of actuaries to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this chapter and as are from time to time required by the board.  (c) The board shall appoint an attorney at law, or firm of attorneys at law, to be the legal advisor of the board and to represent the board in all legal proceedings.  (d) The board shall appoint an investment advisor, as defined in § 24-10-402.  (e)  (1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants.  (2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor.    (f) The executive director shall be:  (1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System;  (2) The appointing authority in the employment of other professional and clerical employees of the system; and  (3) Responsible for the purchase of such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.    (g)  (1) The pay of the persons engaged by the system shall be consistent with the pay plan of the state.  (2) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.
AR Code § 24-10-205 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 2 - Board of Trustees|§ 24-10-205. Records and reports

 (a)  (1) After receiving the advice of its actuary, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall from time to time adopt such mortality and other tables of experience, and rates of regular interest, as shall be necessary for the actuarial requirements of the Arkansas Local Police and Fire Retirement System.  (2) It shall require the Executive Director of the Arkansas Local Police and Fire Retirement System to keep in convenient form such data as shall be necessary for actuarial investigations of the experiences of the system and such data as shall be necessary for the annual actuarial valuations of the system.    (b) The board shall keep a record of its proceedings, which shall be open to public inspection.  (c) The board shall prepare annually and render to each employer a report showing the financial condition of the system. The report shall contain, but shall not be limited to:  (1) A financial balance sheet;  (2) A statement of income and disbursements;  (3) A detailed statement of investments acquired and disposed of during the year, including a composite rate of return on the investments;  (4) A summary of the results of the last actuarial valuation of the system; and  (5) Such other data as the board shall deem necessary or desirable for a proper understanding of the condition of the system.    (d) The board shall determine and decide all questions of doubt raised by any provisions of this chapter.  (e) The headquarters of the system shall be located within twenty-five (25) miles of the State Capitol Building.
AR Code § 24-10-206 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 2 - Board of Trustees|§ 24-10-206. Federal taxation

 (a) The Plan Administrator of the Arkansas Local Police and Fire Retirement System shall operate the Arkansas Local Police and Fire Retirement System and interpret § 24-10-101 et seq. consistent with the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as it existed on January 1, 2011, and applicable United States Department of the Treasury Regulations, as they existed on January 1, 2011, necessary to allow the system to be operated as a “qualified trust” under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a), as it existed on January 1, 2011.  (b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas Local Police and Fire Retirement System may promulgate rules consistent with this section.  (c) Any rule or portion of a rule promulgated under this section that is found by a court of competent jurisdiction to be in conflict with an applicable provision of the Internal Revenue Code of 1986, as it existed on January 1, 2011, shall be promptly corrected.
AR Code § 24-10-301 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 3 - Membership|§ 24-10-301. Generally

 (a) The membership of the Arkansas Local Police and Fire Retirement System shall include the following persons:  (1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative date shall become a member of this system and not be a member of the relief fund;  (2) If his or her employer had its police officers covered by a relief fund on the operative date, each person first employed as a police officer on or after the operative date shall become a member of this system and not be a member of the relief fund;  (3) If his or her employer did not have its firefighters covered by a relief fund on the operative date, all persons employed as firefighters on the date the employer covers firefighters under this subchapter shall become members of the system as of that date, and each person first employed as a firefighter thereafter shall become a member upon employment;  (4) If his or her employer did not have its police officers covered by a relief fund on the operative date, all persons employed as police officers on the date the employer covers police officers under this subchapter shall become members of the system as of that date, and each person first employed as a police officer thereafter shall become a member upon employment;  (5) The administrative staff of the Arkansas Local Police and Fire Retirement System; and  (6) A current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System employed as an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013.    (b) In any case of question as to the system membership status of any person, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall decide the question.  (c) When covering a person first employed in paid service as a firefighter or police officer on or after July 1, 1985, the employer shall require an employment physical examination of the employee, under criteria established by the board.
AR Code § 24-10-303 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 3 - Membership|§ 24-10-303. Rules governing participation

 The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers that are rural fire protection corporations authorized under the provisions of § 4-34-101 et seq. However, the board shall not admit or retain any employer whose participation in the Arkansas Local Police and Fire Retirement System would jeopardize the tax-qualified status of the plan under the Internal Revenue Code, 26 U.S.C. § 1 et seq., or that would subject the plan to additional federal requirements, or to any other consequence that the board would determine to be detrimental to the system.
AR Code § 24-10-304 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 3 - Membership|§ 24-10-304. Transfer of municipal police department officers from Arkansas Public Employees' Retirement System

 (a) Any municipal police department whose employees were covered by the Arkansas Public Employees' Retirement System on July 1, 1997, is authorized to transfer those employees hired after July 1, 1997, to the Arkansas Local Police and Fire Retirement System by:  (1) Notifying the board of trustees of each of the retirement systems in writing, and accompanied by a resolution of the governing body of the municipality, of the intention to transfer the coverage of the qualifying officers; and  (2) Authorizing the Board of Trustees of the Arkansas Public Employees' Retirement System to transfer any sums of money paid into the Arkansas Public Employees' Retirement System for the benefit of the officers of the particular department to the Arkansas Local Police and Fire Retirement System for those officers transferred.    (b)  (1) If any municipal police department elects to transfer retirement benefits under this section, all employees hired after July 1, 1997, must be enrolled in the Arkansas Local Police and Fire Retirement System.  (2) Subdivision (b)(1) of this section shall not apply if the employees hired after July 1, 1997:  (A) Are members of the Arkansas Public Employees' Retirement System at the time of hiring; and  (B) Continue to receive public safety credit from prior and current employment.
AR Code § 24-10-401 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-401. Financial objectives and actuarial valuations

 (a)  (1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.  (2) More specifically, contributions received each year shall be sufficient both to fully cover the costs of benefit commitments being made to employees for their service being rendered in each year and to make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.    (b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall cause an actuarial valuation of each employer's participation to be made at least biennially, and preferably annually, to determine how well the system is meeting the objectives set forth in subsection (a) of this section.
AR Code § 24-10-403 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-403. Asset accounts

 All the assets of the Arkansas Local Police and Fire Retirement System shall be held in four (4) accounts, namely:   (1) The members' deposit account;  (2) The employer accumulation account;  (3) The retirement reserve account; and  (4) The income-expense account.
AR Code § 24-10-406 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 10 - Arkansas Local Police And Fire Retirement System|Subchapter 4 - Funds — Contributions — Management of Assets|§ 24-10-406. Retirement reserve account

 The retirement reserve account, as created by this section, shall be the fund into which shall be made transfers as provided in this chapter and from which shall be paid to retirants and beneficiaries the annuities provided by the Arkansas Local Police and Fire Retirement System.