§ 24-11-408. Treasurer as custodian of fund
(a) The treasurer shall be the custodian of the pension fund and shall keep his or her books and accounts concerning the funds in such manner as may be prescribed by the board. (b) The books and accounts shall be subject to the inspection of any member of the board. (c) (1) Within ten (10) […]
§ 24-11-409. Deposit of moneys
The board shall deposit all moneys in the bank selected as the fiscal agent of the city in which it is located, but only if the moneys draw the same rate of interest as the city receives on its deposits. Otherwise, the board shall make its own selection of the bank.
§ 24-11-410. Investment
(a) The board of trustees of the policemen’s pension and relief fund shall have the power to draw sums from its treasury, only upon warrants signed by the chair of the board of trustees of the policemen’s pension and relief fund and countersigned by the policemen’s pension and relief fund, to invest in the name […]
§ 24-11-411. Payments
(a) Except as provided in subsection (c) of this section, all moneys paid from the pension and relief fund shall be paid by the treasurer only upon warrants signed by the chair and countersigned by the secretary thereof. (b) Except as provided in subsection (c) of this section, no warrant shall be drawn except by […]
§ 24-11-412. Report on condition of fund
The board of trustees shall report to the council or city commission the condition of the pension fund on the first regular meeting in January of each year.
§ 24-11-413. Moneys added to fund — Contributions
(a) There shall be added to the policemen’s pension and relief fund the following moneys: (1) All forfeitures and fines imposed upon any member of the police department by way of discipline; (2) All money given or donated to the fund; (3) All money deducted from the salary of any member of the police department […]
§ 24-11-415. Proceeds derived from sale of confiscated goods
(a) (1) (A) In all cities and towns, all goods confiscated by a police officer of the city, by the sheriff, or by an officer of the Department of Arkansas State Police within the city and that are no longer needed as evidence shall be sold at auction or Internet auction. (B) The auction or […]
§ 24-11-416. Proration where fund insufficient
If at any time there should not be sufficient money in the fund to pay each person a full amount to which he or she may be entitled, the beneficiaries shall be paid by prorating the fund available among them.
§ 24-11-417. Subjection of fund to legal process
(a) No portion of the policemen’s pension and relief fund shall at any time be subject to seizure or levy under any process whatsoever for the payment of any claim or debt held against any disabled member or the surviving spouse, dependent parent, or child of a deceased or retired member. (b) The fund shall […]
§ 24-11-401. Applicability
This subchapter shall not apply to any city that had a policemen’s pension and relief fund on June 10, 1937.