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24-10-204. Employees.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-204. Employees.
(a)(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board.
(2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System.
(b) After the operative date, the board shall appoint an actuary or a firm of actuaries to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this chapter and as are from time to time required by the board.
(c) The board shall appoint an attorney at law, or firm of attorneys at law, to be the legal advisor of the board and to represent the board in all legal proceedings.
(d) The board shall appoint an investment advisor, as defined in § 24-10-402.
(e)(1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants.
(2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor.
(f) The executive director shall be:
(1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System;
(2) The appointing authority in the employment of other professional and clerical employees o
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-204
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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Record provenance
Stable record: arkansas_code:legal_authorities:24-10-204
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0149f5ee63d31ba7afe1d1edb4bd2bd72831400da4945a54d81d88f6a674366a
Source location: content.xml paragraph 9852
Stored source content
24-10-204. Employees.
(a)(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall employ an executive director, not one of its number, for at least three (3) years, who shall be the executive officer of the board.
(2) Other employees of the board shall be chosen only upon the recommendation of the Executive Director of the Arkansas Local Police and Fire Retirement System.
(b) After the operative date, the board shall appoint an actuary or a firm of actuaries to be a technical advisor to the board on matters regarding the operation of the system on an actuarial basis. The actuary shall perform such duties as are required of him or her under this chapter and as are from time to time required by the board.
(c) The board shall appoint an attorney at law, or firm of attorneys at law, to be the legal advisor of the board and to represent the board in all legal proceedings.
(d) The board shall appoint an investment advisor, as defined in § 24-10-402.
(e)(1) The board shall arrange for annual audits of the records and accounts of the Arkansas Local Police and Fire Retirement System by a certified public accountant or by a firm of certified public accountants.
(2) The Division of Legislative Audit shall examine the audits at least one (1) time every three (3) years and report to the Joint Committee on Public Retirement and Social Security Programs, the Legislative Council, the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the Arkansas Fire and Police Pension Review Board, and the Governor.
(f) The executive director shall be:
(1) The Plan Administrator of the Arkansas Local Police and Fire Retirement System;
(2) The appointing authority in the employment of other professional and clerical employees of the system; and
(3) Responsible for the purchase of such equipment and supplies as are required for the proper operation of the system, subject to the approval of the board.
(g)(1) The pay of the persons engaged by the system shall be consistent with the pay plan of the state.
(2) All other expenses of the board necessary for the operation of the system shall be paid at such rates and in such amounts as the board shall approve.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-402. Investments — Definition.
(a)(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter.
(2) The funds of the system shall be invested and reinvested, and the funds of local fire and police pension and relief funds, as created by §§ 14-52-106, 24-11-401 — 24-11-403, 24-11-405 — 24-11-413, 24-11-416, 24-11-417, 24-11-422, 24-11-423, 24-11-425, 24-11-428 — 24-11-430, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-815, 24-11-818 — 24-11-820, with assets in excess of five hundred thousand dollars ($500,000) may also be invested in accordance with the following procedure:
(A)(i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy.
(ii) “Investment advisor” means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term “investment advisor” includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department;
(B) The investment advisor shall have full power to purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the syste
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-402
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 24-10-402. This identifies an authority to review, not proof of applicability.