reglab/housing_qa huggingface dataset:
AR Code § 24-2-405 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 4 - Reciprocal Service Credits|§ 24-2-405. Disability benefits

 (a) A member of a reciprocal system with five (5) or more years of credited service in two (2) or more reciprocal systems shall be eligible to apply for disability benefits from each reciprocal system in which he or she has credited service.  (b) Each reciprocal system shall make the determination under its respective rules as to whether the member is eligible for disability benefits.  (c) The member shall be eligible for a refund of his or her accumulated contributions plus interest, if any, from any reciprocal system in which he or she does not qualify for disability benefits. This refund shall not alter his or her eligibility for benefits from any other reciprocal system.
AR Code § 24-2-407 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 4 - Reciprocal Service Credits|§ 24-2-407. Benefit enhancements — Restrictions

 (a) No benefit enhancement provided for by this subchapter shall be implemented if it would cause the publicly supported retirement system's unfunded actuarial accrued liabilities to exceed a thirty-year amortization.  (b) No benefit enhancement provided for by this subchapter 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 § 24-2-408 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 4 - Reciprocal Service Credits|§ 24-2-408. Concurrence prohibited

 In establishing credited service under this subchapter, persons who receive credited service pursuant to § 24-4-101(17)(B)(xiii) for dual full-time employment in the Arkansas Public Employees' Retirement System and the Arkansas Local Police and Fire Retirement System under the provisions of this act may count periods of credited service covering the same calendar time only once (1) time.
AR Code § 24-2-501 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 5 - Military Service Credit|§ 24-2-501. Free credited service

 (a)  (1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict.  (2) Notwithstanding § 24-2-502 or any other law to the contrary, any member of the system may also purchase credited service in the system not to exceed five (5) years for service rendered by him or her in the United States Armed Forces and to be purchased in accordance with the procedures in § 24-2-502.    (b) Any person entitled to receive free credited service in the system under the provisions of this section shall be granted credited service under the system for service in the armed forces during World War I, World War II, the Korean Conflict, or the Vietnam Conflict upon:  (1) Making application therefor to the Board of Trustees of the Arkansas Judicial Retirement System; and  (2) Providing proof satisfactory to the board of that person's military service.    (c) The provisions of this section shall be supplemental to any other laws relating to state-supported retirement systems in this state. Nothing in this section shall be construed to diminish the right of any member of a state-supported retirement system to obtain credited service in the system for military service.  (d) This section shall not apply to the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System provided for in § 24-8-701 et seq.
AR Code § 24-2-504 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 5 - Military Service Credit|§ 24-2-504. Return to covered employment by military personnel

 (a) An active member of the state retirement system who is called to active military duty or state active military duty shall be afforded all employment protections as provided in the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. § 4301 et seq., as in effect on January 1, 2009.  (b) Employer contributions shall be paid for the state retirement system member's period of active military duty by the member's last retirement system employer immediately before the member's active duty in accordance with the Uniformed Services Employment and Reemployment Rights Act, as in effect on January 1, 2009.  (c) In order to receive retirement credit in the state retirement system for the time spent in active duty, a member covered by the contributory provisions of the member's state retirement system who returns from active military duty to either the same or a different covered employer shall pay into the state retirement system the employee contributions that would have otherwise been paid into the state retirement system by the member as though the member had never left covered service.
AR Code § 24-2-505 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 5 - Military Service Credit|§ 24-2-505. Compliance with Heroes Earnings Assistance and Relief Tax Act of 2008

 (a)  (1) In the case of a member who dies while performing qualified military service, including state active military duty, on or after January 1, 2011, and who otherwise would have been entitled to reemployment rights under the Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. § 4301 et seq., as in effect on January 1, 2011, the survivors of that member are entitled to any additional benefits that would have been provided under the public employee retirement plan had the member resumed employment with a covered employer on the day preceding his or her death and then terminated employment on the actual date of death.  (2) Subdivision (a)(1) of this section does not apply to benefit accruals relating to the period of qualified military service.  (3) The member's qualified military service shall be counted for purposes of determining whether the individual in issue was vested with the public employee retirement plan.    (b) In the case of a member who becomes disabled while performing qualified military service, including state active military duty, on or after January 1, 2011, and who otherwise would have been entitled to reemployment rights under the federal Uniformed Services Employment and Reemployment Rights Act, 38 U.S.C. § 4301 et seq., as in effect on January 1, 2011, that member is considered to have resumed employment with a covered employer on the day preceding the onset of his or her disability and then terminated employment on the actual date he or she became disabled.  (c) A member who dies or becomes disabled while performing qualified military service, including state active military duty, is deemed to have made employee contributions for the purpose of determining benefits other than benefit accruals that are contingent on those contributions for the period of qualified military service.  (d) This section applies to each public retirement system unless the system has a specific provision regarding the Heroes Earnings Assistance and Relief Tax Act of 2008, Pub. L. No. 110-245, already in its law.
AR Code § 24-2-601 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-601. Investment authority and limitations generally

 (a) All investments of the retirement systems covered by this subchapter shall be in strict compliance with the provisions of this subchapter.  (b) The term “trust” as used in this subchapter refers to the following Arkansas retirement systems:  (1) The State Police Retirement System;  (2) The Arkansas Public Employees' Retirement System;  (3) The Arkansas Teacher Retirement System;  (4) The Arkansas State Highway Employees' Retirement System; and  (5) The Arkansas Judicial Retirement System.    (c) The term “trustees” as used in this subchapter refers to boards of trustees of the systems referenced in subsection (b) of this section.
AR Code § 24-2-602 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-602. Investment authority and limitations — Permissible investments

 (a) The boards of trustees of the State Police Retirement System, the Arkansas Public Employees' Retirement System, the Arkansas Teacher Retirement System, the Arkansas State Highway Employees' Retirement System, and the Arkansas Judicial Retirement System shall have full power to invest and reinvest the moneys of the respective systems and to hold, purchase, sell, assign, transfer, or dispose of any of the investments so made as well as the proceeds of the investments and moneys.  (b) However, the investments and reinvestments shall only be made in accordance with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
AR Code § 24-2-603 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-603. Investment authority and limitations — Default setoff

 (a) In the event of default in payment of the principal or interest of any investment obligation held by any state retirement system where the issuer of the obligation receives moneys from the state, the default shall be certified by the board of the respective system to the Treasurer of State.  (b) The Treasurer of State shall withhold all moneys due the issuer from the state until the default, together with regular interest thereon, is satisfied.
AR Code § 24-2-604 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-604. Investment authority and limitations — Conflict of interest

 Except as to the rights of a member, retirant, or beneficiary, no trustee and no officer or employee of the board of any state retirement system shall have any interest, directly or indirectly, in the gains or profits of any investment made by the respective board. Nor shall any retirement system trustee, officer, or employee, directly or indirectly for himself or herself or as an agent, in any manner use the assets of the systems except to make such current and necessary payments as are authorized by the respective boards, nor shall any of them become an endorser or surety or, in any manner, an obligor for moneys loaned by or borrowed from any of the respective systems.
AR Code § 24-2-605 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-605. Investment authority and limitations — Fidelity bonds

 (a) The boards of trustees of the respective retirement systems shall provide for a blanket fidelity bond of one million dollars ($1,000,000) covering the employees of the systems or such others as may be responsible for administering the funds.  (b) The boards may pay the premiums for the bond from funds of the systems.
AR Code § 24-2-606 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-606. Investment authority and limitations — Custodianship of assets

 (a) The Treasurer of State shall be the legal custodian of the securities of the respective retirement systems. However, the systems may deposit with the Treasurer of State, in lieu of securities, safekeeping receipts or evidence of federal bookkeeping entries.  (b) The financial institution or depository issuing the safekeeping receipts, unless issued by an agency of the federal government, shall have on file with the Treasurer of State a letter of the issuer's bonding or insurance company, stating the amount of insurance currently in force covering loss or theft of the securities.  (c) In addition, the boards of trustees of the respective retirement systems, if deemed necessary to facilitate particular investment transactions, the settlement of security transactions, redemption of particular securities, or collection of investment income, may select and designate such banks, trust companies, or central depositories as may be appropriate to act as legal custodian of their securities.
AR Code § 24-2-607 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-607. Investment authority and limitations — Trust account

 (a) In addition to the various retirement systems funds established as trust funds in the State Treasury, a bank trust fund or funds may be established and maintained in such depository bank or banks as may be designated by the boards of trustees of the respective retirement systems.  (b) Each bank fund shall consist of and there may be deposited in the fund:  (1) All employer contributions, including any interest;  (2) All employee contributions, including any interest;  (3) Interest, dividend, and other incomes realized from investments and reinvestments;  (4) Interest earned upon any moneys in the fund; and  (5) Such other proceeds as may be derived from the sale, exchange, redemption, transfer, or disposition of any securities or investments.    (c) The following disbursements may be made from the bank funds:  (1) Payments for all securities and investments, the purchase of which is authorized by law, which may include principal, accrued interest, commission, taxes, and fees;  (2) Payments for money manager and custodian bank fees;  (3) The deposit to the appropriate State Treasury fund for the payment of annuities and refunds as authorized by law that are paid on vouchers issued by the respective retirement systems and on warrants issued thereon by the Auditor of State;  (4) The payment of annuities and refunds as authorized by law that are paid on cash fund vouchers issued by the respective retirement systems and on checks or wire transfers issued from bank funds; and  (5) The deposit to the appropriate State Treasury fund for the payments of salaries, maintenance, and operating expenses of the retirement systems supported from investment earnings.
AR Code § 24-2-608 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-608. Investment authority and limitations — Arkansas-related investments

 (a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing funds held by each of the trusts, fiduciaries administering the systems shall manage the funds so as to favorably impact the economic condition of and maximize capital investment in the State of Arkansas when appropriate investment alternatives are available.  (b) It is the intention of the General Assembly that, as assets become available for investment, the systems shall seek to invest not less than five percent (5%) nor more than ten percent (10%) of their portfolios in Arkansas-related investments.  (c) In calculating the percentage of Arkansas-related investments, the systems shall not include Federal National Mortgage Association investments nor Government National Mortgage Association investments.  (d) Nothing in this section shall in any way limit or impair the responsibility of a fiduciary to invest in accordance with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.
AR Code § 24-2-609 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-609. Registration of securities in name of nominee — Powers and duties of nominee

 (a) The boards of trustees of the various state retirement systems are authorized to register stocks, bonds, notes, and other securities held by and for the systems in the name of a designated nominee.  (b) Such action as is necessary to establish a nominee and a nominee agreement may be taken.  (c) The nominee agreement shall specify that the nominee shall not have or claim any beneficial interest whatsoever in any stocks, bonds, notes, and other securities held in the name of the nominee. That is, all beneficial interest in the stocks, bonds, notes, and other securities and in the interest, dividends, and capital gains derived therefrom shall be vested in the respective state retirement systems.  (d) The nominee shall have no power to undertake any obligation on behalf of the nominee, except upon the direction of the particular state retirement system.  (e) The nominee may endorse securities and take other necessary actions in the purchase, registration, and sale of stocks, bonds, notes, and other securities, subject always to the provisions of this section.
AR Code § 24-2-610 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-610. Prudent investor rule

 (a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619.  (b)  (1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, or otherwise altered by the provisions of a trust.  (2) Trustees are not liable to a beneficiary to the extent that the trustees acted in reasonable reliance on the provisions of the trust.
AR Code § 24-2-611 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-611. Standard of care — Portfolio strategy — Risk and return objectives

 (a) Trustees shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustees shall exercise reasonable care, skill, and caution.  (b) The trustees' investment and management decisions respecting individual assets must be evaluated not in isolation but in the context of the trust portfolio as a whole and as a part of an overall investment strategy having risk and return objectives reasonably suited to the trust.  (c) Among circumstances that trustees shall consider in investing and managing trust assets are such of the following as are relevant to the trust or its beneficiaries:  (1) General economic conditions;  (2) The possible effect of inflation or deflation;  (3) The expected tax consequences of investment decisions or strategies;  (4) The role that each investment or course of action plays within the overall trust portfolio, which may include financial assets, interests in closely held enterprises, tangible and intangible personal property, and real property;  (5) The expected total return from income and the appreciation of capital;  (6) Other resources of the beneficiaries;  (7) Needs for liquidity, regularity of income, and preservation or appreciation of capital; and  (8) An asset's special relationship or special value, if any, to the purposes of the trust or to one (1) or more of the beneficiaries.    (d) Trustees shall make a reasonable effort to verify facts relevant to the investment and management of trust assets.  (e) Trustees may invest in any kind of property or type of investment consistent with the standards of this subchapter.  (f) Trustees who have special skills or expertise, or who are named trustees in reliance upon the trustees' representation that the trustees have special skills or expertise, have a duty to use their special skills or expertise.
AR Code § 24-2-612 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-612. Diversification

 Trustees shall diversify the investments of the trust unless the trustees reasonably determine that, because of special circumstances, the purposes of the trust are better served without diversifying.
AR Code § 24-2-613 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-613. Duties at inception of trusteeship

 (a) Within a reasonable time after accepting a trusteeship or receiving trust assets, trustees shall review the trust assets and make and implement decisions concerning the retention and disposition of assets in order to bring the trust portfolio into compliance with the purposes, terms, distribution requirements, and other circumstances of the trust and with the requirements of this subchapter.  (b)  (1) Trustees shall develop an investment policy. This policy shall be a written statement of goals for the fund and rules to be followed to achieve those goals.  (2) Trustees shall measure performance of the fund and shall measure each manager's performance against benchmarks jointly agreed upon by the trustees and managers.
AR Code § 24-2-614 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-614. Loyalty

 Trustees shall invest and manage the trust assets solely in the interest of the members and benefit recipients of the trust.
AR Code § 24-2-615 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-615. Impartiality

 If a trust has two (2) or more beneficiaries, the trustees shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
AR Code § 24-2-616 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-616. Investment costs — Limitations on investment authority

 (a) In investing and managing trust assets, trustees may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee.  (b) Trustees may delegate investment functions to an agent that a prudent trustee of comparable skills could properly delegate as provided in § 24-2-618.
AR Code § 24-2-617 (2020)
2020 Arkansas Code|Title 24 - Retirement And Pensions|Chapter 2 - Public Employee Retirement Plans Generally|Subchapter 6 - State Retirement Systems Investments|§ 24-2-617. Reviewing compliance

 Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the trustees' decisions or actions and is not determined by hindsight.