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24-10-409. Proration of state revenues between political subdivision and its relief fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-409. Proration of state revenues between political subdivision and its relief fund.
(a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-816, 24-11-818 — 24-11-820, 26-57-601 — 26-57-605, and 26-57-607 or any other state funds designated for support of fire and police retirement programs in political subdivisions.
(b)(1)(A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System.
(B) However, the amount allocated:
(i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8); and
(ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7).
(2) In the case of multiple beneficiaries of a single deceased member, those individuals shall be counted as one (1) for purposes of this section.
(c) If there is a mixture of employees acquiring paid service and employees acquiring volunteer service, one (1) paid service employee shall be equal to five (5) volunteer service employees for prorating purposes.
(d) Each political subdivision without a relief fund in effect July 1, 1981, which subsequently covers its fire or police department under the system shall also receive insurance revenues.
(e)(1) Except as provided in subdivision (e)(2) of this section, all moneys received by the political s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-409
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:24-10-409
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: fa8f3be9e7f51f1e4428e4e91d7cd57b9fd2b7da3ea21c08f7e6636a31bd1b3f
Source location: content.xml paragraph 10122
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24-10-409. Proration of state revenues between political subdivision and its relief fund.
(a) For each political subdivision with a relief fund in effect, the relief fund has been receiving revenues from the state derived from the taxes levied on foreign and domestic insurers by the Arkansas Insurance Code, and §§ 24-11-301, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-816, 24-11-818 — 24-11-820, 26-57-601 — 26-57-605, and 26-57-607 or any other state funds designated for support of fire and police retirement programs in political subdivisions.
(b)(1)(A) Those state revenues shall be prorated between the relief fund and the political subdivision based upon the total number of members active and retired and beneficiaries covered by the relief fund and by the Arkansas Local Police and Fire Retirement System.
(B) However, the amount allocated:
(i) To the political subdivision shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(8); and
(ii) To the local pension and relief fund shall not exceed one hundred percent (100%) of the cost as calculated under § 24-11-214(e)(7).
(2) In the case of multiple beneficiaries of a single deceased member, those individuals shall be counted as one (1) for purposes of this section.
(c) If there is a mixture of employees acquiring paid service and employees acquiring volunteer service, one (1) paid service employee shall be equal to five (5) volunteer service employees for prorating purposes.
(d) Each political subdivision without a relief fund in effect July 1, 1981, which subsequently covers its fire or police department under the system shall also receive insurance revenues.
(e)(1) Except as provided in subdivision (e)(2) of this section, all moneys received by the political subdivisions shall be applied to the employer contribution required to support this system.
(2) If there is any money remaining after the subsidy account balance has been exhausted, as calculated by the actuary for the Arkansas Fire and Police Pension Review Board, the governing body of the political subdivision may transfer any or all of the excess moneys to the governing body's policemen's pension and relief fund or firemen's relief and pension fund, or both, with the prior written approval of the board.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-301. Appropriation of tax revenues from foreign insurers.
(a)(1) Sixty-six and two-thirds percent (662/3%) of the total tax revenues derived from premium taxes paid to the State of Arkansas by alien and foreign insurance companies upon premiums collected by the insurance companies upon insurance contracts written on motor vehicles, the licensed addresses of which are qualified cities or towns wherein the motor vehicles are insured against the perils of physical damage or the owner or operators of the motor vehicles are insured against legal liability arising out of the use, ownership, or operation of the motor vehicles, is appropriated and set aside for the:
(A) Use and benefit of all duly qualified police officers' pension and relief funds;
(B) Administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board; and
(C) Arkansas Policemen's Pension Supplement Program.
(2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809. The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(b) The amount of the tax revenues attributable to the fire peril of physical damage insurance shall not be included.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-301
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 24-11-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-801. Board of trustees — Members.
(a) The board of trustees of every firemen's relief and pension fund established in a city, incorporated town, or duly qualified fire protection district under this subchapter shall be composed of the following:
(1) The chief executive, who shall serve as chair of the board;
(2) The city or district clerk or recorder, who shall serve as secretary of the board;
(3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve, or, if there is no active member of the fire department, a retired member of the fire department; and
(4)(A) Four (4) active or retired members of the pension fund.
(B) As used in this section, “member” includes an active or retired member of the fund but does not include a beneficiary of the fund.
(b) The board thus created shall provide for the disbursement of the firemen's relief and pension fund and shall designate its beneficiaries as directed in this act.
(c) The active and retired members shall elect the member trustees by secret written ballot in May of each year by a method to be determined by the board.
(d) All member trustees shall serve two-year terms without compensation.
(e) The board may make all rules needful for its guidance to implement the provisions regarding board composition.
(f) The chief executive in the cities, incorporated towns, or fire protection districts shall be the chair, the city or town clerk or recorder or clerk of the fire protection district shall be ex officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasurer of the board of trustees during his or her respective term of office as the official of the city,
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-801
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 24-11-801. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-807. Minimum payments generally — Proration upon insufficiency of fund — Supplemental pensions.
(a) For volunteer firefighters, in no case shall the payment to any retired member be less than one hundred dollars ($100) per month, and the payment shall be made in accordance with the justice and equity of each case as determined by the board of trustees of the firemen's relief and pension fund.
(b) Should the fund provided for in this subchapter be insufficient to make full payment of the amount of pensions to all persons entitled thereto, then the fund shall be prorated among those entitled by the proper authorities as may be deemed just and equitable.
(c) The payment provided for in this section shall not be made until after the payment in full of all claims or demands against the fund arising or accruing under the provisions of § 24-11-819(c).
(d) For the purpose of determining how to prorate benefits, the proration shall be considered just and equitable if:
(1) The board pays the full minimum benefit each month to all eligible beneficiaries until assets in the fund are depleted for the fiscal year, at which time all payments shall cease until revenues are received for the next fiscal year; or
(2) The board decreases all payments to all eligible beneficiaries by an equal proportion for the fiscal year and does not allow the assets in the fund to become fully depleted.
(e) In cities having a population of twenty thousand (20,000) or more, if the board of the firemen's relief and pension fund shall determine that the balances in the fund together with estimated income thereto will provide an amount sufficient to pay additional minimum pensions to volunteer firefighters entitled to the pensions. Then, by adoption of a resolution by majority vote of the
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-807
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 24-11-807. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-809. Apportionment of insurance premium tax generally.
(a)(1) There is apportioned and set aside for the use and benefit of duly constituted firemen's relief and pension funds and for the administrative and actuarial expenses of the Arkansas Fire and Police Pension Review Board the annual taxes of two and one-half percent (2.5%) on all foreign and alien premiums collected by all property and casualty insurance companies, corporations, or associations incorporated under the laws of any state or nation and doing business in the State of Arkansas after all cancellations and dividends to policyholders are deducted as provided by §§ 23-60-102, 24-11-809, 26-57-601 — 26-57-605, and 26-57-607 upon real and personal property insured against the perils of fire and extended coverage, tornado, windstorm, cyclone, and hail, except upon growing crops, and located in or at cities, towns, and fire protection districts in the State of Arkansas coming within the provisions of this act.
(2) The premium taxes collected in this subsection shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-301. The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(b) In the case of multiperil policies with a single premium for both the property and casualty coverages, the portion of the taxable premium shall be as follows:
(1) In the case of commercial multiperil policies, seventy percent (70%);
(2) In the case of homeowners' policies, forty-five percent (45%);
(3) In the case of automobile physical damage policies, nine percent (9%); and
(4) In the case of inland marine policies, fifteen percent (15%).
(c) All additional revenues collected as a result of the levy of the insurance premium tax on domestic
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-809
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 24-11-809. This identifies an authority to review, not proof of applicability.