§ 24-10-604. Voluntary retirement
(a) (1) A member in covered employment may retire with an annuity provided for in § 24-10-602 upon his or her written application to the Board of Trustees of the Arkansas Local Police and Fire Retirement System setting forth at what time, at least thirty (30) days but not more than ninety (90) days subsequent […]
§ 24-10-204. Employees
(a) (1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board. (2) Other employees of the board shall be chosen only upon the recommendation of the […]
§ 24-10-205. Records and reports
(a) (1) After receiving the advice of its actuary, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall from time to time adopt such mortality and other tables of experience, and rates of regular interest, as shall be necessary for the actuarial requirements of the Arkansas Local Police and Fire […]
§ 24-10-206. Federal taxation
(a) The Plan Administrator of the Arkansas Local Police and Fire Retirement System shall operate the Arkansas Local Police and Fire Retirement System and interpret § 24-10-101 et seq. consistent with the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as it existed on January 1, 2011, and applicable United States Department […]
§ 24-10-301. Generally
(a) The membership of the Arkansas Local Police and Fire Retirement System shall include the following persons: (1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative date shall become a member of this system […]
§ 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 […]