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(a)
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(1) There is established on the books of the Treasurer of State, Auditor of State, and Chief Fiscal Officer of the State a fund to be known as the “State Police Retirement Fund”, which shall consist of the trust funds designated by law.
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(2) This fund shall be used for payment of personal services, operating expenses, investments, benefits, refunds, and for such other purposes as may be authorized by law.
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(b) The accounts of the State Police Retirement System shall be the members’ deposit account, employer accumulation account, retirement reserve account, and income account, as follows:
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(1) Members’ Deposit Account.
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(A) The members’ deposit account shall be the account in which members’ contributions shall be accumulated at regular interest and from which shall be made transfers and refunds of contributions or accumulated contributions, as provided in this subchapter.
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(B) Upon the retirement of a member, his or her accumulated contributions standing to his or her credit in the members’ deposit account shall be transferred to the retirement reserve account;
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(2) Employer Accumulation Account.
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(A)
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(i) The employer accumulation account shall be the account in which shall be accumulated the contributions made by the State of Arkansas to the system.
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(ii) Upon the retirement of a member, the difference between his or her pension reserve and his or her accumulated contributions standing to his or her credit in the members’ deposit account shall be transferred from the employer accumulation account to the retirement reserve account.
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(B)
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(i) If, at the end of any fiscal year, the sum of the balances in the employer accumulation account and the retirement reserve account is insufficient to equal an amount of ten (10) times the total of the pensions paid from the retirement reserve account during that fiscal year, the Board of Trustees of the State Police Retirement System shall certify to the Treasurer of State that a deficiency exists in the State Police Retirement Fund.
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(ii) Upon receipt of that certification, the Treasurer of State shall transfer from the Division of Arkansas State Police Fund to the State Police Retirement Fund an amount equal to ten percent (10%) of the deficiency so certified. When transferred, the amount shall be credited to the employer accumulation account.
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(C) All amounts credited to the State Police Retirement Fund in accordance with § 16-92-110 [repealed] shall be credited to the employer accumulation account;
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(3) Retirement Reserve Account.
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(A) The retirement reserve account shall be the account from which all pensions provided for in this subchapter shall be paid.
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(B) If a disability retirant returns to the employ of the Division of Arkansas State Police, his or her pension reserve at that time shall be transferred from the retirement reserve account to the members’ deposit account and the employer accumulation account in the same proportion as the pension reserve was originally transferred to the retirement reserve account; and
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(4) Income Account.
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(A) The income account shall be the account to which shall be credited all interest, dividends, and other income derived from investments of the system, all gifts and bequests received by the system, and all other moneys, the disposition of which is not specifically provided for in this subchapter.
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(B) There shall be paid or transferred from the income account all amounts required to credit regular interest to the various accounts of the system except the income account.
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(C) Whenever the board determines that the balance in the income account is more than sufficient to cover current charges to the account, the excess may be transferred by the board to any of the other accounts of the system to cover special needs of the accounts.
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(c) A decision on whether to invest, not invest, or withdraw from investment the funds of the system 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.
