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24-10-407. Income-expense account.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-407. Income-expense account.
(a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made annual transfers of regular interest to the other accounts of the system, and from which shall be paid all the expenses of the system necessary for the administration and operation of the system.
(b) When paid to the system, the employer contributions provided for in § 24-10-405(g) shall be credited to the income-expense account.
(c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may accept gifts and bequests, which shall be credited to the income-expense account, along with all other moneys received by the system the disposition of which is not specifically provided for in this chapter.
(d)(1)(A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year.
(B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account.
(2) At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account.
(3) The regular interest shall be transferred from the income-expense account.
(e) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the cur
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-407
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:24-10-407
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 14a58bd8449a0c7a4730a47dc89ce05c4df449d9f6f54d3db7d6fdce51a452ff
Source location: content.xml paragraph 10096
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24-10-407. Income-expense account.
(a) The income-expense account, as created by this section, shall be the account to which shall be credited all investment income from invested assets of the Arkansas Local Police and Fire Retirement System, in which shall be accumulated the contributions made by employers for the administrative expenses of the system, from which shall be made annual transfers of regular interest to the other accounts of the system, and from which shall be paid all the expenses of the system necessary for the administration and operation of the system.
(b) When paid to the system, the employer contributions provided for in § 24-10-405(g) shall be credited to the income-expense account.
(c) The Board of Trustees of the Arkansas Local Police and Fire Retirement System may accept gifts and bequests, which shall be credited to the income-expense account, along with all other moneys received by the system the disposition of which is not specifically provided for in this chapter.
(d)(1)(A) At the end of each system fiscal year, the board shall credit each member's individual account in the members' deposit account with regular interest on the average balance in the account for the fiscal year.
(B) Beginning July 1, 2013, the board shall cease awarding interest to each member's deposit account.
(2) At the end of each system fiscal year, the board shall credit to the employer accumulation account regular interest on the average balance in the account for the fiscal year and similarly shall credit regular interest to the retirement reserve account.
(3) The regular interest shall be transferred from the income-expense account.
(e) Whenever the board determines that the balance in the income-expense account is more than sufficient to cover the current charges to the account, the board by resolution may provide for contingency reserves, or for the transfer of the excess, or portions thereof, to cover the needs of the other accounts of the system.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-405. Employer accumulation account — Contributions.
(a) The employer accumulation account as created by this section shall be the account into which contributions made by employers for annuities shall be accumulated and from which transfers shall be made as provided in this chapter.
(b) Employer contributions paid to the Arkansas Local Police and Fire Retirement System provided for in this section shall be credited to the employer accumulation fund account of the employer making the contributions.
(c) When an annuity becomes due and payable to or on behalf of a member, there shall be transferred to the retirement reserve account from his or her employer's account in the employer accumulation account the difference between the reserve for the annuity and the accumulated contributions standing to his or her credit in the members' deposit account at the time the annuity first becomes due and payable.
(d) An employer accumulation account shall be maintained to receive and hold employer contributions.
(e) Paid service employer contributions to the system shall be the total of the contribution amounts provided for in subsections (f) and (g) of this section, and the contributions shall be subject to the provisions of subsection (h) of this section.
(f)(1) For paid service employers, the actuary shall annually compute the rate of contributions, expressed as a percent of active member pays, which will cover the benefit costs of paid service employees participating in the system.
(2) The Board of Trustees of the Arkansas Local Police and Fire Retirement System in consultation with the actuary shall establish, based upon their financial assumptions, the actuarial valuation determining the contribution rate.
(3) The board shall certify annually to the governin
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-405
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 24-10-405. This identifies an authority to review, not proof of applicability.