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14-62-110. Retirement pension funds — Exemption from chapter — Control transferred to Arkansas Local Police and Fire Retirement System.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-62-110. Retirement pension funds — Exemption from chapter — Control transferred to Arkansas Local Police and Fire Retirement System.
(a) Moneys due and owing the Arkansas Local Police and Fire Retirement System under § 24-10-101 et seq. or due and owing a local firemen's relief and pension fund or a local policemen's pension and relief fund under § 24-11-101 et seq. are not subject to the proceedings under this chapter and are transferred to the control of the system.
(b)(1)(A) A local firemen's relief and pension fund or a local policemen's pension and relief fund created under § 24-11-101 et seq. that is not subject to the administration of the system at the time of the order entered under § 14-62-102 is consolidated with the system.
(B)(i)(a) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of a local firemen's relief and pension fund or a local policemen's pension and relief fund.
(b) After receiving the report of the actuary, the receiver shall transfer the computed reserve to the system to be held in an account designated as the retirement reserve for a local firemen's relief and pension fund or a local policemen's pension and relief fund and from which the system shall pay eligible beneficiaries.
(ii) If the retirement reserve of a local firemen's relief and pension fund or a local policemen's pension and relief fund is inadequate to pay full benefits to eligible recipients, the receiver may reduce benefits based on such actuarially computed amounts as are necessary to pay eligible recipients, without impairing contracts and to the extent allowed under law.
(iii)(a) The receiver shall continue to collect such millages, fines, fees, state insurance tax turnback
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-62-110
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:14-62-110
Source file: gov.ar.code.title.14.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 33fd136d3124ae74e1f2f6edf20b8ca549a64982ff012f8946bec298ae5de50b
Source location: content.xml paragraph 19703
Stored source content
14-62-110. Retirement pension funds — Exemption from chapter — Control transferred to Arkansas Local Police and Fire Retirement System.
(a) Moneys due and owing the Arkansas Local Police and Fire Retirement System under § 24-10-101 et seq. or due and owing a local firemen's relief and pension fund or a local policemen's pension and relief fund under § 24-11-101 et seq. are not subject to the proceedings under this chapter and are transferred to the control of the system.
(b)(1)(A) A local firemen's relief and pension fund or a local policemen's pension and relief fund created under § 24-11-101 et seq. that is not subject to the administration of the system at the time of the order entered under § 14-62-102 is consolidated with the system.
(B)(i)(a) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of a local firemen's relief and pension fund or a local policemen's pension and relief fund.
(b) After receiving the report of the actuary, the receiver shall transfer the computed reserve to the system to be held in an account designated as the retirement reserve for a local firemen's relief and pension fund or a local policemen's pension and relief fund and from which the system shall pay eligible beneficiaries.
(ii) If the retirement reserve of a local firemen's relief and pension fund or a local policemen's pension and relief fund is inadequate to pay full benefits to eligible recipients, the receiver may reduce benefits based on such actuarially computed amounts as are necessary to pay eligible recipients, without impairing contracts and to the extent allowed under law.
(iii)(a) The receiver shall continue to collect such millages, fines, fees, state insurance tax turnbacks, and other revenues as allowed by law for the support of a local firemen's relief and pension fund or a local policemen's pension and relief fund.
(b) When a final order of dissolution is entered under § 14-62-114, the millages, fines, fees, state insurance tax turnbacks, and other revenues as allowed by law shall be paid to the system.
(2)(A) Pledged or dedicated taxes levied by the extinct municipal corporation at the time of the order under § 14-62-102 for a local firemen's relief and pension fund or a local policemen's pension and relief fund shall continue to be collected until the indebtedness is satisfied.
(B) When a final order of dissolution is entered under § 14-62-114, pledged or dedicated taxes collected under subdivision (b)(2)(A) of this section shall continue to be collected and remitted to the system until the indebtedness is satisfied.
(c)(1) The system shall refund all member contributions made to the system or fund applicable to the extinct municipal corporation to a member who has not yet vested in the system or in a local firemen's relief and pension fund or a local policemen's pension and relief fund at the time of the order entered under § 14-62-102.
(2) Service credit earned with the extinct municipal corporation by a nonvested member under the system is cancelled, and any member contributions relating only to the extinct municipal corporation shall be refunded to the nonvested member.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-62-102. Revocation due to noncompliance.
(a)(1) If the Legislative Joint Auditing Committee concludes the process under § 14-59-117 on a municipal corporation, and in the immediately subsequent three-year period the Legislative Joint Auditing Committee concludes the process a second time, the Legislative Joint Auditing Committee may notify the Attorney General and the Governor of its actions.
(2) The Attorney General shall file pleadings in the circuit court of the Sixth Judicial District to revoke the charter of the municipal corporation based on the notification under subdivision (a)(1) of this section.
(b) Upon a finding that the conditions under subsection (a) of this section have been met, the circuit court of the Sixth Judicial District shall revoke the charter of a municipal corporation under this section, and the clerk of the circuit court shall certify a transcript of the order under the official seal of the clerk and forward a copy of the transcript to the:
(1) Secretary of State;
(2) Arkansas Geographic Information Systems Office;
(3) Governor; and
(4) County judge of the county in which the municipal corporation is located.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-62-102
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-62-102. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
14-62-114. Final order of dissolution.
At the time of the full accord and satisfaction of the indebtedness of the municipal corporation whose charter is revoked under this chapter and upon the request of the receiver, the circuit court of the Sixth Judicial District shall enter a final order of dissolution.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-62-114
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 14-62-114. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-101. Purpose.
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.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-10-101. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-101. Legislative intent.
(a) The provisions of this subchapter are intended to establish procedures whereby the benefits to members and beneficiaries under the firemen's relief and pension funds and the policemen's pension and relief funds within the respective municipalities of this state may be increased on an orderly basis without a deterioration of actuarial soundness and are further intended to establish procedures for review and certification in order that the proposed increase in pension and relief fund benefits will not result in a deterioration of actuarial soundness prior to the adoption or implementation thereof.
(b) It is not the intent of this subchapter to repeal or modify any of the existing firemen's relief and pension fund or policemen's pension and relief fund laws of this state, and this subchapter shall be construed to supplement and to be in addition to any of those laws in effect.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-101
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 24-11-101. This identifies an authority to review, not proof of applicability.