§ 24-10-608. Death of member in paid service
(a) (1) If an active member with five (5) or more years of credited paid service, including credited service for the year immediately preceding his or her death, dies in employer-paid service before retirement, the applicable benefits provided in this subsection and subsections (c)-(e) of this section shall be paid, subject to § 24-10-610. (2) […]
§ 24-10-302. Coverage by employer
(a) Each political subdivision without a relief fund in effect on the operative date may elect, by a majority vote of its governing body, to become an employer and cover its employees under the Arkansas Local Police and Fire Retirement System, as follows: (1) (A) The clerk or secretary of the political subdivision shall certify, […]
§ 24-10-303. Rules governing participation
The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall have the authority to promulgate such rules as are necessary to provide for the participation of employers that are rural fire protection corporations authorized under the provisions of § 4-34-101 et seq. However, the board shall not admit or retain any […]
§ 24-10-304. Transfer of municipal police department officers from Arkansas Public Employees’ Retirement System
(a) Any municipal police department whose employees were covered by the Arkansas Public Employees’ Retirement System on July 1, 1997, is authorized to transfer those employees hired after July 1, 1997, to the Arkansas Local Police and Fire Retirement System by: (1) Notifying the board of trustees of each of the retirement systems in writing, […]
§ 24-10-401. Financial objectives and actuarial valuations
(a) (1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens. […]
§ 24-10-402. Investments — Definition
(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter. (2) The funds of the system shall be invested and reinvested, and the funds of local […]
§ 24-10-403. Asset accounts
All the assets of the Arkansas Local Police and Fire Retirement System shall be held in four (4) accounts, namely: (1) The members’ deposit account; (2) The employer accumulation account; (3) The retirement reserve account; and (4) The income-expense account.
§ 24-10-404. Members’ deposit account — Contributions
(a) The members’ deposit account, as created by § 24-10-403, shall be the account in which shall be accumulated the contributions made by members to the Arkansas Local Police and Fire Retirement System and from which shall be made transfers and refunds of members’ contributions as provided in this chapter. (b) (1) If a member’s […]
§ 24-10-405. Employer accumulation account — Contributions
(a) The employer accumulation account as created by this section shall be the account into which contributions made by employers for annuities shall be accumulated and from which transfers shall be made as provided in this chapter. (b) Employer contributions paid to the Arkansas Local Police and Fire Retirement System provided for in this section […]
§ 24-10-107. Direct deposit of insurance premium tax money in system
(a) The Arkansas Fire and Police Pension Review Board and the Board of Trustees of the Arkansas Local Police and Fire Retirement System are directed to develop and adopt appropriate rules and procedures to allow insurance premium tax money that is allocated to the Arkansas Local Police and Fire Retirement System to be deposited directly […]