As used in this subchapter, unless the context otherwise requires:
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(1) “Accountant” means an accountant who is authorized by Arkansas law to practice public accounting in Arkansas;
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(2) “Actuary” means an actuary:
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(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
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(B) Who is experienced in retirement plan financing; and
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(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.