reglab/statecodes huggingface dataset:
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-708 - Contributions - Cessation upon maximum benefit eligibility

When a judge or justice has sufficient service to receive the maximum benefit under §
24-8-713(a)
, no further contribution shall be required.
Acts 1999, No. 399, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-709 - Actual service requirement

Benefits and eligibility for benefits under this subchapter shall be based on actual service in the Arkansas Judicial Retirement System. Laws allowing the purchase of credited service or providing free credited service shall not apply to this subchapter. However, the provisions of §
24-2-401
et seq. may be used to meet the service requirements of this subchapter.
Acts 1999, No. 399, § 1; 1999, No. 1067, § 4.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-710 - Eligibility for benefits - Retirement generally

(a)
Any member who has a minimum of twenty (20) years of actual service may retire regardless of age, and any judge or justice who has served at least eight (8) years shall be eligible for benefits upon reaching sixty-five (65) years of age.
(b)
(1)
Any judge or justice who becomes seventy (70) years of age during a term of office to which he or she has been elected may complete the term without forfeiting his or her rights to retirement benefits under this section.
(2)
(A)
Any judge or justice who is not eligible to retire at seventy (70) years of age may continue to serve as judge or justice until the completion of the term of office in which he or she has sufficient service to retire without losing his or her retirement benefits.
(B)
The judge or justice shall lose all retirement benefits if he or she serves beyond the end of the term needed to get sufficient service to retire.
(3)
(A)
Otherwise, judges or justices must retire by their seventieth birthday or lose their retirement benefits.
(B)
However, any active judge or justice who was serving prior to July 1, 1965, may continue to serve until any age and upon retirement shall be eligible to receive retirement benefits.
Acts 1999, No. 399, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-711 - Eligibility for benefits - Early retirement

(a)
Any member of the Tier Two Actual Judicial Service Benefit Plan for the Arkansas Judicial Retirement System who has eight (8) years or more of actual service in the system may elect to retire and receive retirement benefits at any time after reaching sixty-two (62) years of age and before reaching sixty-five (65) years of age.
(b)
The retirement benefits of a member electing to retire before sixty-five (65) years of age with less than twenty (20) years of actual service shall be reduced six percent (6%) for each full year and proportionately for any part of a year that the judge or justice retires before reaching sixty-five (65) years of age.
Acts 1999, No. 399, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-712 - Eligibility for benefits - Disability retirement

(a)
Any member under the Tier Two Actual Judicial Service Benefit Plan of the Arkansas Judicial Retirement System who has served a minimum of three (3) consecutive years as a member of the system shall receive retirement benefits if any incapacitating disability as determined by the Board of Trustees of the Arkansas Judicial Retirement System shall occur during any term for which the judge or justice has been elected.
(b)
(1)
A judgment of disability should not be granted by the board until it is reasonably assured of a judge's or justice's permanent physical or mental incapacity to perform the duties of his or her judicial office.
(2)
The board should act only upon proper certification of incapacity by two (2) or more physicians.
Acts 1999, No. 399, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-714 - Restrictions on benefits

(a)
The sections of this subchapter are to be complementary, except that no person may take benefits under two (2) or more sections of this subchapter at the same time.
(b)
Retirement and survivors' benefits shall be measured by the salary payable for the position last held by the retired or deceased judge or justice at the time of retirement.
Acts 1999, No. 399, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-716 - Effect on other laws

The provisions of this subchapter shall be accumulative to all present laws pertaining to the retirement of judges of the circuit, chancery, and circuit-chancery courts and of justices of the Supreme Court and shall in no way repeal, amend, or modify such laws except as otherwise specifically provided in this subchapter.
Acts 1999, No. 399, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-717 - Redetermination of benefits

Notwithstanding §
24-8-715
[repealed], each July 1 the Arkansas Judicial Retirement System shall redetermine the amount of each monthly benefit which has been paid by the system under the Tier Two Actual Judicial Service Benefit Plan for at least twelve (12) full calendar months. The redetermined amount shall be payable for the following twelve (12) calendar months. The redetermined amount shall be the amount of the benefit payable as of the immediately preceding July 1 increased by three percent (3%).
Acts 1999, No. 1067, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 7 - TIER TWO ACTUAL JUDICIAL SERVICE BENEFIT PLAN (§§ 24-8-701 — 24-8-718) › Section 24-8-718 - Effective date of survivor benefits

The effective date of monthly benefits payable to a survivor of a deceased member or a survivor of a deceased retiree under the Tier Two Actual Judicial Service Benefit Plan is the first day of the calendar month next following the month in which the member died, regardless of when the survivor submits an application for the payment of the benefits.
Added by Act 2023, No. 262,§ 2, eff. 8/1/2023.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 9 - DISTRICT COURT CLERKS' RETIREMENT (§§ 24-8-901 — 24-8-904) › Section 24-8-901 - Definition

As used in this subchapter, "municipal judge's retirement fund" means a local municipal judge and clerk retirement fund established by a local government under §
24-8-301
et seq., §
24-8-401
et seq., or §
24-8-501
et seq.
Acts 2003, No. 1375, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 9 - DISTRICT COURT CLERKS' RETIREMENT (§§ 24-8-901 — 24-8-904) › Section 24-8-902 - Additional funding for district court clerks

(a)
A local government that has established a municipal judge's retirement fund shall contribute an amount of money to the Arkansas Public Employees' Retirement System that shall represent the actuarially determined accrued liability for those court clerks and former court clerks who are covered by the municipal judge's retirement fund on December 31, 2004.
(b)
The assets of the municipal judge's retirement fund equal to the benefit obligations for the court clerks under subsection (a) of this section shall be paid to the system on January 1, 2005.
(c)
(1)
If the municipal judge's retirement fund does not have sufficient funds available to pay the benefit obligations for the court clerks under subsection (a) of this section to the system, then the remaining amount of actuarially determined accrued liability shall be paid on or before December 31 each year for up to the next thirty (30) years based on a thirty-year amortization period.
(2)
If the amount in the municipal judge's retirement fund is greater than the actuarially determined amount of the liabilities to be transferred to the system, that excess may be retained by the local government for the sole purpose of paying for the retirement benefits of district court clerks.
(d)
(1)
The accrued benefit used to determine the accrued liability under this section shall be determined by:
(A)
Calculating the benefit that the court clerk would be eligible to receive on December 31, 2004, as provided by law before January 1, 2005, if the court clerk was eligible to begin receiving benefits on January 1, 2005; and
(B)
Multiplying the amount in subdivision (d)(1)(A) of this section by the number of years of eligible service and then dividing by the greater of:
(i)
The number of years of service needed to be eligible to retire; or
(ii)
The current years of eligible service.
(2)
The service years are to be determined under the law before January 1, 2005.
Acts 2003, No. 1375, § 1; 2005, No. 1022, § 16; 2007, No. 177, § 13.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 9 - DISTRICT COURT CLERKS' RETIREMENT (§§ 24-8-901 — 24-8-904) › Section 24-8-903 - Retirement membership of district court clerks

(a)
All municipal court clerks and district court clerks who are members of a municipal judge's retirement fund on December 31, 2004, shall become members of the Arkansas Public Employees' Retirement System on January 1, 2005.
(b)
If the local government employing the district court clerk on December 31, 2004, is not a participating employer under the system, then the local government shall become a participating employer under the system for the district court clerk beginning on January 1, 2005.
Acts 2003, No. 1375, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 8 - RETIREMENT OF JUDGES AND COURT EMPLOYEES (§§ 24-8-101 — 24-8-904) › Subchapter 9 - DISTRICT COURT CLERKS' RETIREMENT (§§ 24-8-901 — 24-8-904) › Section 24-8-904 - Reciprocal system

(a)
Court clerks placed in the Arkansas Public Employees' Retirement System under this subchapter shall be covered by the reciprocal provisions of §§
24-2-401
-
24-2-404
.
(b)
There is no reciprocal service between the local municipal judge retirement systems and the reciprocal systems listed in §
24-2-401
before January 1, 2005.
(c)
In establishing eligibility for a benefit from each system, the credited service under all reciprocal systems is totaled, and the credited service is used in determining eligibility for each system benefit.
(d)
(1)
Only the credited service under that system and the benefit formula of that system are used in determining the amount of a benefit from each system.
(2)
This subchapter is not intended to decrease the benefits earned nor increase the eligibility requirements for members who were participants in a local plan, as authorized by law, prior to January 1, 2005.
(3)
The benefits earned and those eligibility requirements shall transfer to the Arkansas Public Employees' Retirement System.
(e)
If a system provides a benefit amount that is not dependent on length of credited service, the benefit amount shall be reduced to the proportion that system-credited service bears to total reciprocal system-credited service.
Acts 2005, No. 1022, § 17; 2007, No. 177, § 14.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-201 - Legislative intent

Authorized investments of moneys by the governing bodies of the various trust funds within this state are now provided by law. It is not the intent of this subchapter to change or prescribe the allowable investments in certificates of deposit, registered securities, or negotiable securities.
Acts 1973, No. 282, § 3; A.S.A. 1947, § 13-2103.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-202 - Definition

As used in this subchapter, unless the context otherwise requires, "trust funds" means all assets and holdings of the various firemen's and policemen's pension funds of this state. In addition, other assets and holdings which are of a trust nature and are under the administration of political subdivisions of this state are, for purposes of this subchapter, to be considered trust funds. However, trust funds shall not include funds required to be maintained by ordinances, resolutions, or indentures securing bond issues of political subdivisions.
Acts 1973, No. 282, § 1; A.S.A. 1947, § 13-2101.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-203 - Applicability

This subchapter shall apply to all funds as defined in §
24-9-202
and administered by any political subdivision of this state.
Acts 1973, No. 282, § 2; A.S.A. 1947, § 13-2102.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-204 - Employment of trust administrators

(a)
By board action, the board of trustees may employ a commercial firm normally engaged in providing trust services, if each employee of the trust department who handles the trust funds is covered by a good and sufficient fidelity bond, to act as the agent for the board of the trust for the purpose of maintaining and administering the fund and to provide such assistance or services as the board of the trust may reasonably require in the performance of its duties.
(b)
The bank or firm so employed shall not have the authority to make any investment decision or any determination as to the eligibility of any person entitled to receive a pension or any other benefit from the fund, nor to make any determination as to the amount of any pension or benefit which any person may be entitled to receive from the fund.
Acts 1973, No. 282, § 8; A.S.A. 1947, § 13-2108.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-205 - Bank accounts

When the governing body of a trust deposits money of that trust in a commercial bank account or in a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met:
(1)
Funds must be deposited into the account in the name of the trust;
(2)
Withdrawals from the account, whether by check or warrant, shall require the signatures of the chair and the treasurer of the board of the trust; and
(3)
(A)
The treasurer shall execute a bond to the board of trustees with good and sufficient sureties in such penal sum as the board shall direct, conditioned on the faithful performance of the duties of his or her office.
(B)
The bond shall be filed in the office of the board of trustees.
Acts 1973, No. 282, § 4; A.S.A. 1947, § 13-2104.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-206 - Certificates of deposit

When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met:
(1)
The certificate of deposit must be issued in the name of the trust;
(2)
The certificate, when received, must be maintained at the office of the board of trustees or in the trust department of a firm normally engaged in providing trust services; and
(3)
Subsequent to the purchasing of a certificate of deposit, the board of trustees shall be required to request confirmation of the validity of the certificate directly from the issuing bank.
Acts 1973, No. 282, § 5; A.S.A. 1947, § 13-2105.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-207 - Registered securities

(a)
(1)
When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities.
(2)
One (1) signature shall be that of the board treasurer and the other that of the chair of the board.
(b)
The securities are to be maintained in the office of the board of trustees or the trust department of a commercial firm normally engaged in providing trust services.
(c)
(1)
Subsequent to the purchase of the securities, the board of trustees shall request confirmation directly from the issuing company of the registration of the securities. The confirmation shall be made by the board independently of the agent through whom the securities were purchased.
(2)
The board of trustees shall maintain copies of the confirmation letters as a part of its records.
Acts 1973, No. 282, § 6; A.S.A. 1947, § 13-2106.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 24-9-208 - Negotiable securities

(a)
When the board of trustees of a trust decides to invest trust moneys in negotiable securities, the board shall purchase the securities from reputable bonded dealers in those securities.
(b)
The board shall require the dealers to certify to the authenticity of the securities.
(c)
The securities shall be held in the office of the board of trustees or by the trust department of a commercial firm normally engaged in providing trust services.
(d)
The sale of negotiable securities shall require written authorization from at least two (2) board members, one being the board treasurer and the other the chair of the board.
Acts 1973, No. 282, § 7; A.S.A. 1947, § 13-2107.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 9 - LOCAL PENSION FUNDS GENERALLY (§§ 24-9-101 — 24-9-209) › Subchapter 2 - INVESTMENT OF PENSION AND TRUST FUNDS (§§ 24-9-201 — 24-9-209) › Section 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.
Acts 1973, No. 282, § 9; A.S.A. 1947, § 13-2109.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-10-101 — 24-10-107) › Section 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.
Acts 1981, No. 364, § 1; A.S.A. 1947, § 12-3801.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-10-101 — 24-10-107) › Section 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.
Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-10-101 — 24-10-107) › Section 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.
Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808; Acts 2009, No. 258, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-10-101 — 24-10-107) › Section 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.
Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-10-101 — 24-10-107) › Section 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.
Acts 1997, No. 769, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 1 - GENERAL PROVISIONS (§§ 24-10-101 — 24-10-107) › Section 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.
Acts 2003, No. 1737, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 2 - BOARD OF TRUSTEES (§§ 24-10-201 — 24-10-206) › Section 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.
Amended by Act 2015, No. 1100,§ 58, eff. 7/22/2015.
Amended by Act 2013, No. 40,§ 2, eff. 2/6/2013.
Acts 1981, No. 364, § 7; 1985, No. 547, § 1; A.S.A. 1947, § 12-3807; Acts 2003, No. 1277, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 2 - BOARD OF TRUSTEES (§§ 24-10-201 — 24-10-206) › Section 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.
Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 2 - BOARD OF TRUSTEES (§§ 24-10-201 — 24-10-206) › Section 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.
Amended by Act 2019, No. 315,§ 2894, eff. 7/24/2019.
Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807; Acts 1995, No. 514, § 3; 1997, No. 250, § 233.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 2 - BOARD OF TRUSTEES (§§ 24-10-201 — 24-10-206) › Section 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.
Acts 1981, No. 364, § 7; 1983, No. 676, § 1; A.S.A. 1947, § 12-3807; Acts 1989, No. 152, § 1; 2011, No. 17, § 2.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 2 - BOARD OF TRUSTEES (§§ 24-10-201 — 24-10-206) › Section 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.
Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3807.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 2 - BOARD OF TRUSTEES (§§ 24-10-201 — 24-10-206) › Section 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.
Amended by Act 2019, No. 315,§ 2895, eff. 7/24/2019.
Amended by Act 2017, No. 125,§ 1, eff. 8/1/2017.
Acts 2011, No. 17, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 3 - MEMBERSHIP (§§ 24-10-301 — 24-10-304) › Section 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.
Amended by Act 2013, No. 522,§ 3, eff. 3/28/2013.
Acts 1981, No. 364, § 3; 1985, No. 118, § 1; A.S.A. 1947, § 12-3803; Acts 1987, No. 357, § 5; 1993, No. 1203, § 1; 1995, No. 642, § 1; 2007, No. 294, § 3; 2007, No. 803, § 3.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 3 - MEMBERSHIP (§§ 24-10-301 — 24-10-304) › Section 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.
Amended by Act 2019, No. 315,§ 2896, eff. 7/24/2019.
Acts 1999, No. 865, § 6.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 3 - MEMBERSHIP (§§ 24-10-301 — 24-10-304) › Section 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.
Acts 2001, No. 1541, § 1; 2007, No. 290, § 1.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 4 - FUNDS - CONTRIBUTIONS - MANAGEMENT OF ASSETS (§§ 24-10-401 — 24-10-411) › Section 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.
Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 4 - FUNDS - CONTRIBUTIONS - MANAGEMENT OF ASSETS (§§ 24-10-401 — 24-10-411) › Section 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.
Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 4 - FUNDS - CONTRIBUTIONS - MANAGEMENT OF ASSETS (§§ 24-10-401 — 24-10-411) › Section 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.
Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.
Arkansas Code of 1987 (2023) › Title 24 - RETIREMENT AND PENSIONS (§§ 24-1-101 — 24-12-204) › Chapter 10 - ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM (§§ 24-10-101 — 24-10-709) › Subchapter 4 - FUNDS - CONTRIBUTIONS - MANAGEMENT OF ASSETS (§§ 24-10-401 — 24-10-411) › Section 24-10-407 - Income-expense account

(a)
The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made annual transfers of regular interest to the other accounts of the system, and from which shall be paid all the expenses of the system necessary for the administration and operation of the system.
(b)
When paid to the system, the employer contributions provided for in §
24-10-405(g)
shall be credited to the income-expense account.
(c)
The Board of Trustees of the Arkansas Local Police and Fire Retirement System may accept gifts and bequests, which shall be credited to the income-expense account, along with all other moneys received by the system the disposition of which is not specifically provided for in this chapter.
(d)
(1)
(A)
At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year.
(B)
Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account.
(2)
At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account.
(3)
The regular interest shall be transferred from the income-expense account.
(e)
Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board by resolution may provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system.
Amended by Act 2013, No. 1444,§ 1, eff. 4/22/2013.
Amended by Act 2013, No. 1065,§ 1, eff. 4/11/2013.
Amended by Act 2013, No. 40,§ 4, eff. 2/6/2013.
Acts 1981, No. 364, § 6; A.S.A. 1947, § 12-3806.