§ 24-11-215. Allocation of insurance premium tax — Special provisions
(a) Revenues distributed to the State of Arkansas as general revenue are subject to the allocations in this section. (b) (1) All taxes that are levied on insurers that are allocated to general revenues under § 24-11-213 may be allocated to the Fire Protection Premium Tax Fund, underfunded plans under § 24-11-217, and then to […]
§ 24-11-104. Rules
The Department of Finance and Administration is authorized to promulgate such reasonable rules as are necessary to carry out the provisions of §§ 24-11-301 and 24-11-809.
§ 24-11-105. Survivor benefits for spouses who remarry
The board of trustees of the local firemen’s relief and pension fund or the board of trustees of the local policemen’s pension and relief fund may elect to continue paying survivor benefits to spouses who remarry after they begin receiving benefits under the plan. However, before the election is effective, the election shall be approved […]
§ 24-11-201. Definitions
As used in this subchapter, unless the context otherwise requires: (1) “Accountant” means an accountant who is authorized by Arkansas law to practice public accounting in Arkansas; (2) “Actuary” means an actuary: (A) Who is a member of the American Academy of Actuaries or who meets other criteria for qualification which may be established by […]
§ 24-11-202. Noncompliance with subchapter
(a) If it is determined that a plan is not complying with the provisions of this subchapter, the Executive Director of the Arkansas Fire and Police Pension Review Board shall certify the noncompliance to the Secretary of the Department of Finance and Administration, who shall withhold all moneys otherwise due the plan from the state […]
§ 24-11-203. Arkansas Fire and Police Pension Review Board
(a) The purpose of this section, which creates and establishes the Arkansas Fire and Police Pension Review Board, is to establish a state pension review board for all municipal firemen’s relief and pension funds and policemen’s pension and relief funds established under §§ 14-52-106, 24-11-401 — 24-11-403, 24-11-405 — 24-11-413, 24-11-416, 24-11-417, 24-11-422, 24-11-423, 24-11-425, […]
§ 24-11-204. General financial objective of plan
(a) The general financial objective of each plan shall be to establish and receive contributions, expressed as percentages of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, which will remain approximately level from year to year and which will not have to be increased for future […]
§ 24-11-205. Actuarial valuation
(a) (1) The Executive Director of the Arkansas Fire and Police Pension Review Board shall cause an actuarial valuation of each plan to be made annually to determine how well the plan is meeting the objectives set forth in § 24-11-204. (2) The actuarial valuation shall be prepared by an actuary under the supervision of […]
§ 24-11-206. Annual financial report
(a) Each plan shall cause to be prepared an annual financial report following the close of each fiscal year. The financial report shall contain at least the following information: (1) A summary of the benefits available to covered persons; and (2) The accounting information specified in § 24-11-207. (b) The annual financial report shall be […]
§ 24-11-207. Annual financial report — Duty of board of trustees
(a) (1) The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year. (2) The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board. […]