§ 24-2-204. Default in payment of principal or interest
(a) In the event of default in payment of the principal of or interest on bonds or other obligations held in the respective retirement funds, if the issuer of the obligations is a state-supported institution of higher learning, a county, a municipal corporation, including boards, commissions, or other authorities thereof, or a school district, the […]
§ 24-2-205. Purchase of obligations not cancellation — Trust
(a) All obligations purchased or received shall be held in trust for the use and benefit of the system, which trust shall be subject only to the right of the board of trustees to sell or otherwise dispose of the obligations as provided in the various plans. (b) No purchase or receipt of obligations by […]
§ 24-2-206. Jurisdiction and custodianship of funds — Interest
(a) (1) The various retirement system funds, as established in the State Treasury, are created and constituted trust funds. (2) All assets of the various funds, both cash and securities, shall be under the exclusive jurisdiction of the respective boards of trustees and shall be held by the Treasurer of State as custodian, subject to […]
§ 24-2-207. Assets and income for retirement systems
All assets and income of any retirement system of a city or other political subdivision of the State of Arkansas shall be held, invested, or disbursed for the exclusive purpose of providing for benefits, investment management, and administrative expenses and shall not be encumbered for or diverted to any other purposes.
§ 24-2-301. Definitions
As used in this subchapter, unless the context otherwise requires: (1) “Eligible retirement system” means the retirement system in which the employee is eligible for membership; (2) “Employer” means an employing state agency or an employing school district; and (3) “Retirement system of record” means the system that holds an erroneous membership.
§ 24-2-302. Classification of members
Except as otherwise specifically provided in this subchapter, all employees of the State of Arkansas or any of its political subdivisions who are members or become members of a state retirement system shall be members of the retirement system indicated in this section as follows: (1) All eligible employees of the Arkansas Department of Transportation […]
§ 24-2-201. Permissible investments of political subdivision retirement funds
(a) The board of trustees of any public employee retirement system of any political subdivision of the State of Arkansas shall, from time to time, as funds are available for investment purposes, invest in obligations set out in this section. (b) The boards of trustees of public employees retirement systems of political subdivisions of the […]
§ 24-2-202. Procedure for purchase or sale of securities
(a) All securities purchased or sold by the board of trustees shall be upon sealed offers after publication of notice of proposal to purchase or sell, except securities provided for in § 24-2-201(b)(1), (2), (7), (8), (10), (11), and (12). (b) (1) (A) Not fewer than seven (7) days nor more than fourteen (14) days […]