(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. […]
(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 […]
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.
(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 […]
(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 […]
The retirement reserve account, as created by this section, shall be the fund into which shall be made transfers as provided in this chapter and from which shall be paid to retirants and beneficiaries the annuities provided by the Arkansas Local Police and Fire Retirement System.
(a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made […]
(a) Subject to the provisions of this chapter, the state shall not contribute to finance the Arkansas Local Police and Fire Retirement System, except those amounts which the political subdivision may receive under laws providing for a general apportionment of political subdivision moneys throughout the state. (b) The system administrative expenses provided by employer contributions […]
(a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-816, 24-11-818 — 24-11-820, 26-57-601 — 26-57-605, and 26-57-607 or […]
(a) If any political subdivision fails to make any payment due the Arkansas Local Police and Fire Retirement System for a period of ten (10) days after the payment is due, the political subdivision shall become delinquent, and the delinquency shall be certified by the Board of Trustees of the Arkansas Local Police and Fire […]
