§ 24-11-405. Board of trustees

(a) The board of trustees of the policemen’s pension and relief fund shall consist of seven (7) members as follows:

1. (1) The chief executive officer of the city, who shall be chair of the board;

2. (2) The city treasurer, who shall be treasurer of the fund;

3. (3)

   1. (A)

      1. (i) Five (5) active or retired members of the pension fund.

      2. (ii)

         1. (a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years.

         2. (b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years.

         3. (c) All member trustees shall serve two-year terms.

         4. (d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term.

      3. (iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits.

   2. (B) The board shall select one (1) of the police members as secretary of the board to serve for a period of two (2) years or until his or her successor is elected and qualified.

   3. (C) However, if no retirant is available to serve on the board, all five (5) employee positions shall be held by active members of the pension fund and shall be elected by secret ballot by the active members of the pension fund for two-year terms as provided in subdivision (a)(3)(A) of this section.

   4. (D) The board shall have the power to make all rules needful for its guidance to implement the provisions regarding board composition; and

4. (4) The number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members as follows:

   1. (A) When the number of active members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of four (4) active members and one (1) retired member;

   2. (B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be composed of three (3) active members and two (2) retired members; and

   3. (C) When the number of retired members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and four (4) retired members.

(b) The police officer members of the board shall serve for a period of two (2) years or until their successors are elected and qualified.

(c) The board shall have the absolute control and management of the funds provided for in this subchapter and of all moneys donated, paid, or assessed for the relief or pension of disabled, superannuated, and retired members of the police department, their surviving spouses and minor children, or dependent parents solely dependent upon members for their support.

(d)

1. (1) The board shall make all necessary rules for its government and the discharge of its duties and shall hear and decide all applications for pension and relief under this subchapter.

2. (2) All decisions upon applications shall be final and conclusive and not subject to review or reversal except by the board.

3. (3) The board shall keep a record of all its meetings and proceedings.

(e)

1. (1) Each member of the board of trustees of the policemen’s pension and relief fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the policemen’s pension and relief fund shall prepare an annual statement listing:

   1. (A) Each item received;

   2. (B) The estimated value of each item; and

   3. (C) From whom each item was received.

2. (2)

   1. (A) Each member of the board of trustees of the policemen’s pension and relief fund shall attest by written affidavit that the member’s annual statement is true and current to the best of his or her knowledge.

   2. (B)

      1. (i) An annual statement and affidavit from each member of the board of trustees of the policemen’s pension and relief fund shall be collected by the board of trustees of the policemen’s pension and relief fund or the municipal treasurer.

      2. (ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State.

      3. (iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the policemen’s pension and relief fund or the municipal treasurer and shall be available for review by any plan participant.

   3. (C)

      1. (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of each board of trustees of the policemen’s pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed.

      2. (ii) Each plan’s annual report shall not be considered complete without this certification.