§ 24-2-614. Loyalty
Trustees shall invest and manage the trust assets solely in the interest of the members and benefit recipients of the trust.
§ 24-2-615. Impartiality
If a trust has two (2) or more beneficiaries, the trustees shall act impartially in investing and managing the trust assets, taking into account any differing interests of the beneficiaries.
§ 24-2-616. Investment costs — Limitations on investment authority
(a) In investing and managing trust assets, trustees may only incur costs that are appropriate and reasonable in relation to the assets, the purposes of the trust, and the skills of the trustee. (b) Trustees may delegate investment functions to an agent that a prudent trustee of comparable skills could properly delegate as provided in […]
§ 24-2-617. Reviewing compliance
Compliance with the prudent investor rule is determined in light of the facts and circumstances existing at the time of the trustees’ decisions or actions and is not determined by hindsight.
§ 24-2-618. Delegation of investment and management functions
(a) Trustees may delegate investment and management functions that a prudent trustee of comparable skills could properly delegate under the circumstances. The trustees shall exercise reasonable care, skill, and caution in: (1) Selecting an agent; (2) Establishing the scope and terms of the delegation, consistent with the purposes and terms of the trust; and (3) […]
§ 24-2-619. Language invoking standard of subchapter
The following terms or comparable language in the provisions of a trust, unless otherwise limited or modified, authorizes any investment or strategy permitted under this subchapter: (1) “Investments permissible by law for investment of trust funds”; (2) “Legal investments”; (3) “Authorized investments”; (4) “Using the judgment and care under the circumstances then prevailing that persons […]
§ 24-2-701. Financial objectives and actuarial valuation
(a) The general financial objective of each Arkansas public employee retirement plan shall be to establish and receive contributions that, expressed as percentages of active member payroll, will remain approximately level from generation to generation of state citizens. More specifically, contributions received each year shall be sufficient both: (1) To fully cover the costs of […]
§ 24-2-605. Investment authority and limitations — Fidelity bonds
(a) The boards of trustees of the respective retirement systems shall provide for a blanket fidelity bond of one million dollars ($1,000,000) covering the employees of the systems or such others as may be responsible for administering the funds. (b) The boards may pay the premiums for the bond from funds of the systems.
§ 24-2-702. Reports
(a) Each Arkansas public employees’ retirement system shall have an annual financial audit performed by Arkansas Legislative Audit and prepared in accordance with the financial accounting and reporting standards set forth for public pension plans by the Governmental Accounting Standards Board. (b) (1) In addition, if approved by the board of trustees of an Arkansas […]
§ 24-2-606. Investment authority and limitations — Custodianship of assets
(a) The Treasurer of State shall be the legal custodian of the securities of the respective retirement systems. However, the systems may deposit with the Treasurer of State, in lieu of securities, safekeeping receipts or evidence of federal bookkeeping entries. (b) The financial institution or depository issuing the safekeeping receipts, unless issued by an agency […]