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(a) The board of trustees of every firemen’s relief and pension fund established in a city, incorporated town, or duly qualified fire protection district under this subchapter shall be composed of the following:
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(1) The chief executive, who shall serve as chair of the board;
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(2) The city or district clerk or recorder, who shall serve as secretary of the board;
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(3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve, or, if there is no active member of the fire department, a retired member of the fire department; and
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(4)
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(A) Four (4) active or retired members of the pension fund.
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(B) As used in this section, “member” includes an active or retired member of the fund but does not include a beneficiary of the fund.
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(b) The board thus created shall provide for the disbursement of the firemen’s relief and pension fund and shall designate its beneficiaries as directed in this act.
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(c) The active and retired members shall elect the member trustees by secret written ballot in May of each year by a method to be determined by the board.
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(d) All member trustees shall serve two-year terms without compensation.
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(e) The board may make all rules needful for its guidance to implement the provisions regarding board composition.
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(f) The chief executive in the cities, incorporated towns, or fire protection districts shall be the chair, the city or town clerk or recorder or clerk of the fire protection district shall be ex officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasurer of the board of trustees during his or her respective term of office as the official of the city, incorporated town, or fire protection district.
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(g) The secretary and treasurer of each board of trustees shall report annually, at the same time annual reports are required as clerk, recorder, or treasurer, the precise status of the firemen’s relief and pension fund, showing all receipts and disbursements on account with a full and complete list of all beneficiaries of the fund and the amount paid each beneficiary.
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(h)
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(1) Each member of the board of trustees of the firemen’s relief and pension 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 firemen’s relief and pension fund shall prepare an annual statement listing:
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(A) Each item received;
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(B) The estimated value of each item; and
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(C) From whom each item was received.
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(2)
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(A) Each member of the board of trustees of the firemen’s relief and pension fund shall attest by written affidavit that the member’s annual statement is true and current to the best of his or her knowledge.
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(B)
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(i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen’s relief and pension fund or the municipal treasurer.
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(ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State.
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(iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen’s relief and pension fund or the municipal treasurer and shall be available for review by any plan participant.
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(C)
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(i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen’s relief and pension fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed.
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(ii) Each plan’s annual report shall not be considered complete without this certification.
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