§ 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 […]
§ 24-2-703. Tax exemptions
(a) The assets of the Arkansas Public Employees’ Retirement System, the State Police Retirement System, the Arkansas Judicial Retirement System, the Arkansas State Highway Employees’ Retirement System, and the Arkansas Teacher Retirement System are exempt from taxes by the state or any political subdivision or agency thereof. (b) (1) It is the purpose of this […]
§ 24-2-607. Investment authority and limitations — Trust account
(a) In addition to the various retirement systems funds established as trust funds in the State Treasury, a bank trust fund or funds may be established and maintained in such depository bank or banks as may be designated by the boards of trustees of the respective retirement systems. (b) Each bank fund shall consist of […]
§ 24-2-704. Retirement in event of government reorganization
(a) In the event of any structural reorganization of state government operations, all current employees, appointees, trustees, and commissioners of any affected agency, board, or commission shall remain associated with the state-supported retirement system that existed for them as of the date immediately prior to the reorganization. (b) (1) Member employers and employees of any […]
§ 24-2-608. Investment authority and limitations — Arkansas-related investments
(a) In acquiring, investing, reinvesting, exchanging, retaining, selling, and managing funds held by each of the trusts, fiduciaries administering the systems shall manage the funds so as to favorably impact the economic condition of and maximize capital investment in the State of Arkansas when appropriate investment alternatives are available. (b) It is the intention of […]
§ 24-2-609. Registration of securities in name of nominee — Powers and duties of nominee
(a) The boards of trustees of the various state retirement systems are authorized to register stocks, bonds, notes, and other securities held by and for the systems in the name of a designated nominee. (b) Such action as is necessary to establish a nominee and a nominee agreement may be taken. (c) The nominee agreement […]
§ 24-2-610. Prudent investor rule
(a) Except as otherwise provided in subsection (b) of this section, trustees who invest and manage trust assets owe a duty to the beneficiaries of the trust to comply with the prudent investor rule set forth in §§ 24-2-610 — 24-2-619. (b) (1) The prudent investor rule, a default rule, may be expanded, restricted, eliminated, […]
§ 24-2-611. Standard of care — Portfolio strategy — Risk and return objectives
(a) Trustees shall invest and manage trust assets as a prudent investor would, by considering the purposes, terms, distribution requirements, and other circumstances of the trust. In satisfying this standard, the trustees shall exercise reasonable care, skill, and caution. (b) The trustees’ investment and management decisions respecting individual assets must be evaluated not in isolation […]
§ 24-2-501. Free credited service
(a) (1) Any member of the Arkansas Judicial Retirement System established by § 24-8-201 et seq. shall be entitled to receive free credited service in the system for a period of not to exceed two (2) years for service rendered by him or her in the United States Armed Forces during World War I, World […]