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(a) The board of trustees of any municipal firemen’s relief and pension fund may increase benefits to persons who have retired or may retire from the fire department of the municipality because of total and permanent disability and who qualify or may qualify for monthly benefits of less than five hundred dollars ($500).
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(b) The benefits of any such person shall not be increased to more than five hundred dollars ($500) per month, and the increase shall be subject to the following conditions:
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(1) The board of trustees shall adopt a resolution approved by not less than three-fourths (¾) of the membership of the board outlining the proposed increase in benefits;
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(2) The board shall obtain an actuarial valuation by an actuary stating that the fund will continue to be actuarially sound notwithstanding the effects of the resolution; and
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(3) A copy of the resolution adopted by the board and a copy of the actuarial valuation approving the resolution shall be filed with the circuit clerk of the county in which the fire department is located, with the Arkansas Fire and Police Pension Review Board, and, if the fire department is located within the incorporated boundaries of a city, with the city clerk of that city.
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