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 24-11-213 - Allocation of insurance premium tax - Apportionments

(a)
(1)
(A)
The premium taxes collected under §
24-11-301
shall be placed in a fund combined with the premium taxes collected pursuant to §
24-11-809
.
(B)
The combined fund shall be entitled the "Firemen's and Police Officers' Pension and Relief Fund".
(C)
The Firemen's and Police Officers' Pension and Relief Fund shall consist of a "fire portion" and a "police portion".
(2)
The remaining revenues collected under §§
23-60-102
,
24-11-301
,
24-11-809
,
26-57-601
-
26-57-605
, and
26-57-607
shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues.
(3)
Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under §
24-11-215
.
(b)
The allocation of funds between the Firemen's and Police Officers' Pension and Relief Fund and the General Revenue Fund Account under this section is subject to the following conditions:
(1)
The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under §
24-11-214
; and
(2)
The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under §
24-11-214
:
(A)
The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund; and
(B)
A change in the legal description of a city, town, or fire protection district, which shall be reported to the board annually by December 14.
(c)
(1)
The portion of revenues that may be distributed to the Firemen's and Police Officers' Pension and Relief Fund under this section shall be:
(A)
Forty percent (40%) of the total actuarial cost for a paid group covered by the Arkansas Local Police and Fire Retirement System;
(B)
One hundred percent (100%) of the actuarial cost for a volunteer group covered by the Arkansas Local Police and Fire Retirement System minus required employer contributions; and
(C)
Thirty percent (30%) of the consolidation and local pension and relief fund actuarial costs as provided under §
24-11-214
.
(2)
The remaining portion of revenues shall be distributed to the General Revenue Fund Account of the State Apportionment Fund.
(3)
The portion of revenues distributed in accordance with subdivision (c)(1) of this section is subject to the requirements of §
24-11-215
.
(d)
The amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the fire portion and the amount of revenues allocated to the Firemen's and Police Officers' Pension and Relief Fund for the police portion shall be kept separate.
Amended by Act 2023, No. 39,§ 1, eff. 8/1/2023.
Amended by Act 2019, No. 465,§ 2, eff. 5/1/2019.
Amended by Act 2013, No. 1134,§ 3, eff. 8/16/2013.
Acts 2003, No. 1797, § 1; 2011, No. 979, § 4.