§ 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 […]
§ 24-2-605. 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.
§ 24-2-606. 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 […]
§ 24-2-601. Investment authority and limitations generally
(a) All investments of the retirement systems covered by this subchapter shall be in strict compliance with the provisions of this subchapter. (b) The term “trust” as used in this subchapter refers to the following Arkansas retirement systems: (1) The State Police Retirement System; (2) The Arkansas Public Employees’ Retirement System; (3) The Arkansas Teacher […]
§ 24-2-602. Investment authority and limitations — Permissible investments
(a) The boards of trustees of the State Police Retirement System, the Arkansas Public Employees’ Retirement System, the Arkansas Teacher Retirement System, the Arkansas State Highway Employees’ Retirement System, and the Arkansas Judicial Retirement System shall have full power to invest and reinvest the moneys of the respective systems and to hold, purchase, sell, assign, […]
§ 24-2-603. Investment authority and limitations — Default setoff
(a) In the event of default in payment of the principal or interest of any investment obligation held by any state retirement system where the issuer of the obligation receives moneys from the state, the default shall be certified by the board of the respective system to the Treasurer of State. (b) The Treasurer of […]
§ 24-2-604. Investment authority and limitations — Conflict of interest
Except as to the rights of a member, retirant, or beneficiary, no trustee and no officer or employee of the board of any state retirement system shall have any interest, directly or indirectly, in the gains or profits of any investment made by the respective board. Nor shall any retirement system trustee, officer, or employee, […]