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(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.
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(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.
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(c)
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(1) In those policemen’s pension and relief funds in which assets exceed one hundred thousand dollars ($100,000), the board may employ:
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(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
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(B) A trustee or custodian to hold the assets.
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(2) Investments shall not be limited to interest-bearing bonds.
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(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:
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(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
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(B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.
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(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.
