reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-11-101 — 24-11-105) › Section 24-11-103 - Actuarial valuation

(a)
The cost of actuarial valuation made under the provisions of §
24-11-102
shall be paid by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund which proposes to increase member or beneficiary benefits under the fund.
(b)
The actuarial valuation shall include:
(1)
The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund;
(2)
A detailed statement of the proposed benefit increases;
(3)
A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and
(4)
A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund.
Acts 1979, No. 839, § 2; 1981, No. 283, § 2; A.S.A. 1947, § 19-2231.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-11-101 — 24-11-105) › Section 24-11-104 - Rules

The Department of Finance and Administration is authorized to promulgate such reasonable rules as are necessary to carry out the provisions of §§
24-11-301
and
24-11-809
.
Amended by Act 2019, No. 315,§ 2897, eff. 7/24/2019.
Amended by Act 2013, No. 41,§ 2, eff. 2/6/2013.
Acts 1999, No. 1570, § 6.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-11-101 — 24-11-105) › Section 24-11-105 - Survivor benefits for spouses who remarry

The board of trustees of the local firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund may elect to continue paying survivor benefits to spouses who remarry after they begin receiving benefits under the plan. However, before the election is effective, the election shall be approved by a majority vote of the governing body of the political subdivision, if any, after the plan meets the requirements for benefit increases under §
24-11-102
.
Acts 2003, No. 1736, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-201 - Definitions

As used in this subchapter, unless the context otherwise requires:
(1)
"Accountant" means an accountant who is authorized by Arkansas law to practice public accounting in Arkansas;
(2)
"Actuary" means an actuary:
(A)
Who is a member of the American Academy of Actuaries or who meets other criteria for qualification which may be established by the General Assembly; and
(B)
Who is experienced in retirement plan financing; and
(3)
"Plan" means any Arkansas municipal policemen's pension and relief fund or any Arkansas municipal firemen's relief and pension fund, including relief and pension funds of volunteer fire departments.
Acts 1979, No. 700, § 1; 1981, No. 286, § 1; A.S.A. 1947, § 19-5701.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-202 - Noncompliance with subchapter

(a)
If it is determined that a plan is not complying with the provisions of this subchapter, the Executive Director of the Arkansas Fire and Police Pension Review Board shall certify the noncompliance to the Secretary of the Department of Finance and Administration, who shall withhold all moneys otherwise due the plan from the state until compliance is achieved.
(b)
All actions taken by the executive director shall be subject to review and acceptance by the Arkansas Fire and Police Pension Review Board.
Amended by Act 2019, No. 910,§ 3560, eff. 7/1/2019.
Acts 1979, No. 700, § 5; 1981, No. 286, § 5; 1983, No. 512, § 4; 1985, No. 383, § 1; A.S.A. 1947, § 19-5705; Acts 2001, No. 1701, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-204 - General financial objective of plan

(a)
The general financial objective of each plan shall be to establish and receive contributions, expressed as percentages of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.
(b)
More specifically, contributions received each year shall be sufficient both:
(1)
To fully cover the costs of benefit commitments being made to employees for their service being rendered in each year; and
(2)
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.
Acts 1979, No. 700, § 3; 1981, No. 286, § 3; A.S.A. 1947, § 19-5703.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-206 - Annual financial report

(a)
Each plan shall cause to be prepared an annual financial report following the close of each fiscal year. The financial report shall contain at least the following information:
(1)
A summary of the benefits available to covered persons; and
(2)
The accounting information specified in §
24-11-207
.
(b)
The annual financial report shall be filed with the Executive Director of the Arkansas Fire and Police Pension Review Board.
Acts 1979, No. 700, § 2; 1981, No. 286, § 2; 1983, No. 512, § 1; A.S.A. 1947, § 19-5702.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-207 - Annual financial report - Duty of board of trustees

(a)
(1)
The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year.
(2)
The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board.
(b)
Each annual financial report shall include at least the following:
(1)
(A)
The plan's revenues and expenditures during the year.
(B)
The revenues shall include at least the annual total for each of the following items:
(i)
Employee contributions;
(ii)
Employer contributions from the state;
(iii)
Employer contributions, other;
(iv)
Investment income:
(a)
Interest and dividends;
(b)
Gain or loss on sales;
(c)
Other (specify); and
(d)
The total of subdivisions (b)(1)(B)(i)-(iii) of this section;
(v)
The change in unrealized gain or loss from the previous year;
(vi)
Other (specify); and
(vii)
The total of subdivisions (b)(1)(B)(i)-(vi) of this section.
(C)
The expenditures shall include at least the annual total for each of the following items:
(i)
Refunds of employee contributions;
(ii)
Benefits paid;
(iii)
Administrative expenses;
(iv)
Other (specify); and
(v)
The total of subdivisions (b)(1)(C)(i)-(iv) of this section.
(D)
The difference between revenues and expenditures is the change in plan reserve assets for the year; and
(2)
(A)
The plan reserve assets.
(B)
The reserve assets at year's end shall include at least the total for each of the following items:
(i)
Cash and bank checking accounts, noninterest-earning;
(ii)
Bank deposits, interest-earning;
(iii)
Savings and loan deposits, interest-earning;
(iv)
Other cash equivalents, maturing in one (1) year or less;
(v)
United States Government securities;
(vi)
Non-United States Government securities;
(vii)
Mortgages;
(viii)
Corporate bonds;
(ix)
Corporate common and preferred stock;
(x)
Other (specify); and
(xi)
The total of subdivisions (b)(2)(B)(i)-(x) of this section.
(C)
For actuarial valuation purposes, the assets will be valued on the method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary.
(c)
The individual who prepares the annual financial reports and the chair of the board of trustees shall certify that the information contained in the report is an accurate statement of these activities and was prepared in accordance with the provisions of this subchapter and by using the same method of accounting used in previous years.
Acts 1979, No. 700, § 4; 1981, No. 286, § 4; 1983, No. 45, § 1; 1983, No. 512, § 3; 1985, No. 898, § 1; A.S.A. 1947, § 19-5704; Acts 1993, No. 999, § 1; 1999, No. 573, § 1; 1999, No. 711, §§ 1-3; 1999, No. 1293, § 1; 2011, No. 556, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-208 - Administration of underfunded plans

(a)
The purpose of this section is to provide a method for the funding of benefits in certain underfunded plans. Some of the municipal fire and police pension 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
, may run out of funds before all of the promised benefits have been paid to their members, retirants, and beneficiaries.
(b)
(1)
Annually, in conjunction with the actuarial valuations required by §
24-11-205
, the Arkansas Fire and Police Pension Review Board shall identify those plans that are projected to deplete their assets within ten (10) years after the valuation date.
(2)
A plan so identified shall be declared a projected insolvent fund.
(c)
The Arkansas Fire and Police Pension Review Board shall notify the board of trustees of each projected insolvent fund of its funded status and the options that are available to the fund to protect the benefits of its members, retirants, and beneficiaries.
Amended by Act 2013, No. 41,§ 5, eff. 2/6/2013.
Acts 1995, No. 1266, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-209 - [Repealed]

Repealed by Act 2013, No. 41,§ 6, eff. 2/6/2013.
Acts 1995, No. 1266, § 3; 2011, No. 979, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-211 - Arkansas Policemen's Pension Supplement Program

(a)
(1)
There is created the Arkansas Policemen's Pension Supplement Program, to be administered by the Arkansas Fire and Police Pension Review Board.
(2)
As used in this section, "retired police officers" includes:
(A)
Police officers who are retired from active service; and
(B)
Police officers who remain actively employed while participating in the Arkansas Police Officers' Deferred Retirement Option Plan under a policemen's pension and relief fund.
(b)
(1)
The Policemen's Pension Supplement Program Fund is created to provide a state fund to provide financial assistance to certain retired police officers and their survivors who are receiving pensions from policemen's pension and relief funds.
(2)
The Policemen's Pension Supplement Program Fund shall be funded by that portion of those unallocated premium taxes levied on insurers for the support of police retirement programs that is transferred to the control of the board under §
24-11-215(c)
.
(c)
(1)
The board shall administer the program and make the payments called for under the program, including formulating necessary rules, procedures, and forms.
(2)
The board may retain one percent (1%) of the funds transferred for administrative expenses of the program.
(d)
Retired police officers and their survivors are eligible for the pension supplement under this program as follows:
(1)
A retired police officer or a survivor receiving retirement benefits from a local policemen's pension and relief fund of less than four hundred dollars ($400) per month shall receive a supplement under the program in an amount equivalent to raise his or her total benefits plus the supplement to four hundred dollars ($400) per month or the amount in subdivision (d)(2) of this section, whichever is greater; and
(2)
A retired police officer or a survivor currently receiving retirement benefits from a local policemen's pension and relief fund of four hundred dollars ($400) or more per month shall receive a supplement under the program of fifty dollars ($50.00) per month.
(e)
The payment shall be treated for all purposes as a supplement to the retirement benefits received by the person.
(f)
On or after July 1 of each fiscal year following the board's payments required by subsection (e) of this section, the board shall pay to the State Treasury the amounts transferred to the board under §
24-11-215(c)
that exceed the amounts the board is required to pay under the program.
(g)
(1)
The program is effective July 1, 1999.
(2)
The first payments may be made under the program beginning July 31, 1999, and the first transfer under §
24-11-215(c)
shall occur on July 25, 1999, and on each July 25 thereafter.
Amended by Act 2013, No. 41,§ 7, eff. 2/6/2013.
Acts 1999, No. 1452, § 3; 2001, No. 1543, §§ 1, 2; 2003, No. 1473, § 61; 2009, No. 654, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-212 - Future Supplement Fund

(a)
A Future Supplement Fund is created for the purpose of providing cost-of-living assistance and minimum-benefit-amount assistance to policemen's pension and relief funds and firemen's relief and pension funds.
(b)
The Future Supplement Fund shall be administered by the Arkansas Fire and Police Pension Review Board.
(c)
Each year the Future Supplement Fund shall receive moneys from the premium tax allocation under §
24-11-214
based on the total of the amounts listed in subdivision (d)(1) of this section.
(d)
(1)
Beginning on June 30, 2019, and continuing on June 30 of each following year, the Future Supplement Fund may distribute to local policemen's pension and relief funds and local firemen's relief and pension funds to pay retired members, beneficiaries, or members of a deferred retirement option plan the following:
(A)
Two thousand two hundred forty dollars ($2,240) to each retired member, beneficiary, or member of the deferred retirement option plan of a policemen's pension and relief fund;
(B)
One thousand six hundred twenty dollars ($1,620) to each retired member, beneficiary, or member of the deferred retirement option plan who was a paid member of a firemen's relief and pension fund; and
(C)
Three hundred dollars ($300) to each retired member or beneficiary who was a volunteer member of a firemen's relief and pension fund.
(2)
Beginning on June 30, 2020, and continuing each following year, the amounts listed in subdivision (d)(1) of this section shall be increased by a two-and-five-tenths-percent compound cost-of-living adjustment.
(3)
Beginning on June 30, 2020, and continuing each following year, the amount distributed to a paid member of the firemen's relief and pension fund shall be increased in seven (7) installments until the amount, beginning on June 30, 2026, is equal to the amount distributed to each member of the policemen's pension and relief fund.
(e)
At the time that there are no longer any members covered by local policemen's pension and relief funds and local firemen's relief and pension funds, any remainder of the Future Supplement Fund shall be transferred to the Arkansas Local Police and Fire Retirement System to be used solely by a covered employer to defray the covered employer's employer contribution costs to the system.
(f)
The Arkansas Fire and Police Pension Review Board may use an amount allocated in previous years that has not been distributed for the Future Supplement Fund to:
(1)
Ensure the distribution of an amount listed in subdivision (d)(1) of this section; and
(2)
Help offset a reduction described in §
24-11-215
.
Amended by Act 2019, No. 465,§ 1, eff. 5/1/2019.
Acts 2001, No. 1543, § 3; 2003, No. 1373, § 1; 2005, No. 1962, § 112; 2007, No. 73, § 2; 2007, No. 849, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 2 - DISCLOSURE OF FINANCIAL CONDITION - ARKANSAS FIRE AND POLICE PENSION REVIEW BOARD (§§ 24-11-201 — 24-11-217) › Section 24-11-217 - Additional allocation for certain underfunded plans

(a)
An additional allocation for certain underfunded plans as described in this section is created.
(b)
The allocation shall be based on fifteen percent (15%) of the actuarial cost under §
24-11-214
and shall be available for certain policemen's pension and relief funds and firemen's relief and pension funds, including the portion of the actuarial cost for policemen's pension and relief funds and firemen's relief and pension funds that are administered by the Arkansas Local Police and Fire Retirement System.
(c)
The policemen's pension and relief funds and firemen's relief and pension funds shall qualify for the additional allocation after approval of the Arkansas Fire and Police Pension Review Board and after meeting the following criteria:
(1)
The policemen's pension and relief fund or the firemen's relief and pension fund is in compliance with all applicable laws and rules;
(2)
The policemen's pension and relief fund or the firemen's relief and pension fund shall receive employer contributions other than premium tax allocations that are at least eighty percent (80%) of the actuarial cost under §
24-11-214
during the calendar year before an allocation; and
(3)
(A)
A firemen's relief and pension fund that provides benefits to volunteer members shall receive funding without meeting the employer contribution requirement described in subdivision (c)(2) of this section if the firemen's relief and pension fund is:
(i)
Less than fifty percent (50%) funded as of the most recent actuarial valuation; and
(ii)
Administered by the Arkansas Local Police and Fire Retirement System.
(B)
The funding under this subsection shall be eliminated to meet the criteria of §
24-11-215(e)(2)(A)
notwithstanding the requirement of §
24-11-215(d)
.
(d)
An amount that is not distributed due to a policemen's pension and relief fund's or firemen's relief and pension fund's not meeting the requirements of subsection (c) of this section shall be retained and used to supplement the amounts needed for future years when the reductions under subsection (e) of this section apply.
(e)
The amounts provided under this allocation are subject to the limits under §
24-11-215
.
(f)
Funds distributed to underfunded local pension programs through appropriation by the General Assembly for the purpose of payment of Firemen's and Police Officers' Pension and Relief Fund taxes for municipal fire and police relief and pension funds shall not be used to enhance benefits of the recipients.
Amended by Act 2023, No. 796,§ 61, eff. 7/1/2023.
Amended by Act 2021, No. 347,§ 1, eff. 7/28/2021.
Amended by Act 2019, No. 465,§ 6, eff. 5/1/2019.
Amended by Act 2019, No. 465,§ 5, eff. 5/1/2019.
Amended by Act 2013, No. 500,§ 1, eff. 3/26/2013.
Acts 2011, No. 979, § 7.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 3 - POLICE PENSION AND RELIEF FUNDS GENERALLY (§§ 24-11-301 — 24-11-303) › Section 24-11-301 - Appropriation of tax revenues from foreign insurers

(a)
(1)
Sixty-six and two-thirds percent (662/3%) of the total tax revenues derived from premium taxes paid to the State of Arkansas by alien and foreign insurance companies upon premiums collected by the insurance companies upon insurance contracts written on motor vehicles, the licensed addresses of which are qualified cities or towns wherein the motor vehicles are insured against the perils of physical damage or the owner or operators of the motor vehicles are insured against legal liability arising out of the use, ownership, or operation of the motor vehicles, is appropriated and set aside for the:
(A)
Use and benefit of all duly qualified police officers' pension and relief funds;
(B)
Administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board; and
(C)
Arkansas Policemen's Pension Supplement Program.
(2)
The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to §
24-11-809
. The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund".
(b)
The amount of the tax revenues attributable to the fire peril of physical damage insurance shall not be included.
Amended by Act 2013, No. 41,§ 10, eff. 2/6/2013.
Acts 1981, No. 270, § 2; 1985, No. 992, § 3; A.S.A. 1947, § 66-2305; Acts 1995, No. 1266, § 4; 1999, No. 1394, § 1; 1999, No. 1452, § 1; 1999, No. 1570, § 1; 2001, No. 1540, § 3; 2003, No. 1797, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 3 - POLICE PENSION AND RELIEF FUNDS GENERALLY (§§ 24-11-301 — 24-11-303) › Section 24-11-303 - [Repealed]

Repealed by Act 2013, No. 41,§ 11, eff. 2/6/2013.
Acts 1981, No. 270, § 5; A.S.A. 1947, § 66-2308.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-401 - Applicability

This subchapter shall not apply to any city that had a policemen's pension and relief fund on June 10, 1937.
Acts 1937, No. 250, § 21; Pope's Dig., § 9876; A.S.A. 1947, § 19-1820.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-403 - Creation of fund - Tax levy

(a)
Annually, a tax not to exceed one (1) mill on the dollar of all taxable property in any cities or towns in this state is levied as a fund for pensioned and superannuated members of the police department, for the surviving spouses and minor children or dependent parents of deceased members of the police department, and to relieve the members in case of temporary disability.
(b)
This fund shall be known as the "policemen's pension and relief fund" and shall be collected as other taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund, as provided in this section.
(c)
In those cities which do not have a policemen's pension and relief fund but which cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax, once approved by a majority of those voting on the question, shall be collected annually as other taxes are collected and shall be turned over to each city to be applied to each city's account in that system, in such manner and amounts as determined by the board of trustees of that system.
Acts 1937, No. 250, § 1; Pope's Dig., § 9856; Acts 1939, No. 196, § 1; 1945, No. 176, § 1; 1985, No. 900, § 4; A.S.A. 1947, § 19-1801.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-407 - List of retired police officers

(a)
There shall be kept in the office of the board of trustees by the secretary a book known as the list of retired police officers.
(b)
This book shall give the full and complete history and record of action of the board of trustees in retiring any and all persons under this subchapter.
(c)
The record shall give the name, date of joining the department, date of retirement and reason thereof, and the date and finding of the physician of each examination made of disabled members of the department retired under the provisions of this subchapter.
Acts 1937, No. 250, § 12; Pope's Dig., § 9867; A.S.A. 1947, § 19-1812.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-408 - Treasurer as custodian of fund

(a)
The treasurer shall be the custodian of the pension fund and shall keep his or her books and accounts concerning the funds in such manner as may be prescribed by the board.
(b)
The books and accounts shall be subject to the inspection of any member of the board.
(c)
(1)
Within ten (10) days after his or her selection, the treasurer shall execute a bond to the board of trustees with good and sufficient securities, in such penal sum as the board shall direct, conditioned for the faithful performance of the duties of his or her office and that, on the expiration or retirement of his or her term of office, he or she shall surrender and deliver to his or her successor all unexpended moneys and all property which may have come into his or her hands as treasurer of the fund.
(2)
The bond shall be filed in the office of the board of trustees, and, in case of a breach of the bond, suit may be brought on the bond in the name of the board or in the name of any person or persons injured by the breach.
Acts 1937, No. 250, § 17; Pope's Dig., § 9872; A.S.A. 1947, § 19-1817.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-409 - Deposit of moneys

The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank.
Acts 1937, No. 250, § 14; Pope's Dig., § 9869; A.S.A. 1947, § 19-1814.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-410 - Investment

(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.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-411 - Payments

(a)
Except as provided in subsection (c) of this section, all moneys paid from the pension and relief fund shall be paid by the treasurer only upon warrants signed by the chair and countersigned by the secretary thereof.
(b)
Except as provided in subsection (c) of this section, no warrant shall be drawn except by order of the board, and interest accruing from the fund while on deposit or otherwise shall constitute a part of the fund.
(c)
In a policemen's pension and relief fund in which the board has employed a trustee or custodian under §
24-11-410(c)
to hold the assets, the trustee or custodian may pay benefits to persons and beneficiaries entitled to benefits under the fund as directed by the board.
Acts 1937, No. 250, § 6; Pope's Dig., § 9861; A.S.A. 1947, § 19-1806; Acts 2009, No. 1201, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-412 - Report on condition of fund

The board of trustees shall report to the council or city commission the condition of the pension fund on the first regular meeting in January of each year.
Acts 1937, No. 250, § 15; Pope's Dig., § 9870; A.S.A. 1947, § 19-1815.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-413 - Moneys added to fund - Contributions

(a)
There shall be added to the policemen's pension and relief fund the following moneys:
(1)
All forfeitures and fines imposed upon any member of the police department by way of discipline;
(2)
All money given or donated to the fund;
(3)
All money deducted from the salary of any member of the police department on account of absence or loss of time;
(4)
All rewards paid for any purpose;
(5)
Ten percent (10%) of all fines and forfeitures, not including court costs, collected by the county or city official, agency, or department designated pursuant to §
16-13-709
as primarily responsible for the collection of fines assessed in the district courts of this state for violation of ordinances or state law that pursuant to law would be deposited into the city general fund and are not designated by law as payable to the county or state agencies or entities; and
(6)
(A)
Six percent (6%) of the monthly salary of each member of the department, to be deducted each month by the city and immediately paid to the board of trustees of the policemen's pension and relief fund.
(B)
However, the monthly deduction shall be four percent (4%) for police officers contributing to Social Security unless increased, but not to exceed six percent (6%), by the majority vote of the contributing members of a police department covered by Social Security.
(b)
All cities and towns in which a policemen's pension and relief fund is established shall contribute to the fund an amount not less than six percent (6%) of the police officers' salary.
(c)
The contributions by cities and towns shall not exceed the amount contributed by the police officers, except where authorized by appropriation of the city's or town's governing body.
(d)
A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under §
24-11-406
continues to be eligible to collect and deposit the amounts under subsection (a) of this section as contributions.
Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802; Acts 1989, No. 187, § 1; 1993, No. 1289, § 1; 2001, No. 1809, § 9; 2005, No. 1934, § 16; 2009, No. 259, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-415 - Proceeds derived from sale of confiscated goods

(a)
(1)
(A)
In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction.
(B)
The auction or Internet auction shall be held at least annually or more often if the city determines appropriate.
(C)
The proceeds derived from the sale of all confiscated goods shall be deposited into the city's policemen's pension and relief fund.
(2)
Subdivision (a)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated goods.
(b)
(1)
Until such time as the policemen's pension and relief fund is actuarially sound as determined by the actuary under contract with the Arkansas Fire and Police Pension Review Board, in all cities and towns all moneys confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city shall be deposited into the city's policemen's pension and relief fund.
(2)
Subdivision (b)(1) of this section shall not supersede any existing provisions of law governing the disposition of confiscated moneys.
(3)
At the time that the policemen's pension and relief fund is actuarially sound, all moneys received under this subsection shall be retained by the city.
(c)
A policemen's pension and relief fund that has assigned administrative responsibility for the fund to the Arkansas Local Police and Fire Retirement System under §
24-11-406
continues to be eligible to collect and deposit these amounts as contributions until the unfunded liability as a result of the consolidation has been fully amortized.
Acts 1977, No. 745, § 1; A.S.A. 1947, § 19-1802.2; Acts 2001, No. 1832, § 1; 2003, No. 1349, § 1; 2009, No. 31, § 1; 2009, No. 259, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-416 - Proration where fund insufficient

If at any time there should not be sufficient money in the fund to pay each person a full amount to which he or she may be entitled, the beneficiaries shall be paid by prorating the fund available among them.
Acts 1937, No. 250, § 11; Pope's Dig., § 9866; A.S.A. 1947, § 19-1811.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-417 - Subjection of fund to legal process

(a)
No portion of the policemen's pension and relief fund shall at any time be subject to seizure or levy under any process whatsoever for the payment of any claim or debt held against any disabled member or the surviving spouse, dependent parent, or child of a deceased or retired member.
(b)
The fund shall be securely held and distributed for the purpose of pensioning the persons mentioned in this subchapter and for no other person or purpose whatsoever.
Acts 1937, No. 250, § 16; Pope's Dig., § 9871; A.S.A. 1947, § 19-1816.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-418 - Former military service credit purchase

(a)
Any active member of a policemen's pension and relief fund may purchase credited service in the pension fund equivalent to a period not to exceed five (5) years for service rendered by the member while on active duty in the United States Armed Forces before the member's employment covered by the pension fund, if the member:
(1)
Received an honorable discharge from the armed forces;
(2)
Has at least twenty (20) years of actual service in the pension fund; and
(3)
(A)
Contributes to the pension fund an amount that is the actuarial equivalent of the value of the credited service to be purchased.
(B)
The actuarial equivalent is of the time of the purchase of the credited service and shall be determined by the actuary for the Arkansas Fire and Police Pension Review Board or for a pension fund under administration of the Arkansas Local Police and Fire Retirement System, the actuary for that system.
(b)
The board of trustees of the policemen's pension and relief fund shall make the final determination as to the:
(1)
Length of purchased service credit;
(2)
Amount of regular interest to be charged; and
(3)
Manner in which payment is made to the pension fund.
(c)
Service credit purchased under this section shall be used to determine the member's total credited service under the pension fund but shall not be used to determine his or her final average pay under the pension fund.
Amended by Act 2013, No. 41,§ 12, eff. 2/6/2013.
Acts 1981, No. 514, § 1; A.S.A. 1947, § 19-1828; Acts 1987, No. 811, § 1; 1991, No. 371, § 1; Acts 2009, No. 256, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-419 - [Repealed]

Repealed by Act 2013, No. 41,§ 13, eff. 2/6/2013.
Acts 1979, No. 712, §§ 1-3; 1981, No. 429, § 1; 1983, No. 653, § 1; A.S.A. 1947, §§ 19-1825--19-1827.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-421 - Credited service - Restoration

(a)
(1)
In the event a former member again becomes an employee of the same police department where previously employed, the police officer shall again become a member of the system, and the credited service forfeited by him or her shall be restored to his or her credit, but only if he or she returns to the fund the amount refunded to him or her plus interest from the date of withdrawal to the date of repayment.
(2)
The interest rate to be paid shall be equal to the fund's average investment rate of return as indicated in the last three (3) annual accountant's reports, but in no case less than six percent (6%).
(3)
The repayment shall be made according to such rules as the board shall adopt.
(b)
Any police officer who has become a member of the Arkansas Local Police and Fire Retirement System shall remain a member of that system.
Amended by Act 2019, No. 315,§ 2900, eff. 7/24/2019.
Acts 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-424 - Benefits - Retirant receiving less than one-half salary

Retired police officers who are eligible to receive benefits from a policemen's pension and relief fund shall receive from the policemen's pension and relief fund a minimum monthly benefit of no less than three hundred fifty dollars ($350).
Acts 1983, No. 462, § 1; 1985, No. 391, § 1; A.S.A. 1947, § 19-1829; Acts 1993, No. 1197, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-426 - Optional vesting rights policy

(a)
(1)
Upon an actuarial determination that the policemen's pension and relief fund will remain actuarially sound, the board of trustees of a local policemen's pension and relief fund of cities of the first class shall have the option to establish a vesting rights policy in its policemen's pension and relief fund.
(2)
The required actuarial valuation shall be made by the actuary employed by the Arkansas Fire and Police Pension Review Board, who shall then report the actuarial findings in writing to the board of trustees.
(3)
All costs for the actuarial valuation shall be borne by the local funds.
(b)
(1)
If approved, the vesting policy shall provide that in the event a member with ten (10) years or more of credited service in the system ceases to be employed as a member of the department and does not withdraw his or her accumulated employee contributions to the system, the member shall be entitled to receive a pension upon reaching fifty-five (55) years of age and making application to the board of trustees.
(2)
The pensions shall be computed at two and one-half percent (2.5%) of salary at the time of separation from the department, multiplied by the number of years of credited service, not to exceed twenty (20) years.
(c)
Any member may elect to withdraw his or her accumulated contributions to the system at the time of separation from the department and to waive any pension rights the member may have earned in the system.
(d)
This section shall not affect any other section of the policemen's pension and relief funds of cities of the first class.
Amended by Act 2013, No. 41,§ 16, eff. 2/6/2013.
Acts 1983, No. 646, § 1; A.S.A. 1947, § 19-1830.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-428 - Return of salary deductions

In the event of resignation or discharge from the police department of any member thereof, all moneys deducted from his or her salary shall be immediately returned to him or her without interest.
Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 11 - LOCAL POLICE AND FIRE PENSION AND RELIEF FUNDS (§§ 24-11-101 — 24-11-834) › Subchapter 4 - POLICE PENSION AND RELIEF FUNDS - CITIES OF THE FIRST CLASS (§§ 24-11-401 — 24-11-438) › Section 24-11-429 - Vacation pay

The head or chief of each police department shall arrange that each employee shall be granted an annual vacation of not fewer than fifteen (15) working days with full pay.
Acts 1937, No. 250, § 2; Pope's Dig., § 9857; Acts 1939, No. 11, §§ 1, 2; 1953, No. 86, § 1; 1957, No. 415, § 1; 1963, No. 211, § 1; 1969, No. 68, § 1; 1981, No. 486, § 2; 1983, No. 46, § 1; A.S.A. 1947, § 19-1802.