The purpose of this chapter, which creates and establishes the Arkansas Local Police and Fire Retirement System, is to establish a benefit program for future police officers and firefighters in Arkansas and to establish a statewide retirement system which will have the advantages of pooled administration while preserving local rights and local contribution rates.
As used in this chapter: (1) (A) “Accumulated contributions” means the total of all amounts contributed by a member and standing to his or her credit in his or her individual account in the Arkansas Local Police and Fire Retirement System, together with regular interest thereon. (B) Beginning July 1, 2009, accumulated contributions shall be […]
(a) The benefits payable by, and the assets of, the Arkansas Local Police and Fire Retirement System are exempt from taxes by the state or any political subdivision or agency thereof. (b) The system shall be treated in the same manner as the Civil Service Retirement System for purposes of federal taxation.
(a) Should any change or error in records result in any person receiving from the Arkansas Local Police and Fire Retirement System more or less than he or she would have been entitled to receive had the records been correct, the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall correct […]
Any person who knowingly makes any false statement or who falsifies or permits to be falsified any record or records in any attempt to defraud the Arkansas Local Police and Fire Retirement System shall be guilty of a criminal act and upon conviction thereof shall be punished accordingly.
No benefit enhancement provided for by § 24-10-102(21) shall be implemented if it would cause the publicly supported retirement system’s unfunded actuarial accrued liabilities to exceed a thirty-year amortization. No benefit enhancement provided for by § 24-10-102(21) shall be implemented by any publicly supported system which has unfunded actuarial accrued liabilities being amortized over a […]
(a) The Arkansas Fire and Police Pension Review Board and the Board of Trustees of the Arkansas Local Police and Fire Retirement System are directed to develop and adopt appropriate rules and procedures to allow insurance premium tax money that is allocated to the Arkansas Local Police and Fire Retirement System to be deposited directly […]
