§ 24-11-216. Minimum asset management standards
(a) A local firemen’s relief and pension fund or a local policemen’s pension and relief fund shall meet the minimum asset management standards established under this section. (b) (1) A local firemen’s relief and pension fund or a local policemen’s pension and relief fund shall be deemed to have met the minimum asset management standards […]
§ 24-11-217. Additional allocation for certain underfunded plans
(a) An additional allocation for certain underfunded plans as described in this section is created. (b) The allocation shall be based on fifteen percent (15%) of the actuarial cost under § 24-11-214 and shall be available for certain policemen’s pension and relief funds and firemen’s relief and pension funds, including the portion of the actuarial […]
§ 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. […]
§ 24-11-208. Administration of underfunded plans
(a) The purpose of this section is to provide a method for the funding of benefits in certain underfunded plans. Some of the municipal fire and police pension 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, 24-11-428 — 24-11-430, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-815, and […]
§ 24-11-210. Requirements for qualified plans under Internal Revenue Code
(a) This section shall be considered a part of the plan of each firemen’s relief and pension fund and policemen’s pension and relief fund that is subject to this subchapter. Each plan is intended to qualify under the Internal Revenue Code, 26 U.S.C. § 401(a), and is for the exclusive benefit of its members, retired […]
§ 24-11-211. Arkansas Policemen’s Pension Supplement Program
(a) (1) There is created the Arkansas Policemen’s Pension Supplement Program, to be administered by the Arkansas Fire and Police Pension Review Board. (2) As used in this section, “retired police officers” includes: (A) Police officers who are retired from active service; and (B) Police officers who remain actively employed while participating in the Arkansas […]
§ 24-11-212. Future Supplement Fund
(a) A Future Supplement Fund is created for the purpose of providing cost-of-living assistance and minimum-benefit-amount assistance to policemen’s pension and relief funds and firemen’s relief and pension funds. (b) The Future Supplement Fund shall be administered by the Arkansas Fire and Police Pension Review Board. (c) Each year the Future Supplement Fund shall receive […]