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24-11-103. Actuarial valuation.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-103. Actuarial valuation.
(a) The cost of actuarial valuation made under the provisions of § 24-11-102 shall be paid by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund which proposes to increase member or beneficiary benefits under the fund.
(b) The actuarial valuation shall include:
(1) The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund;
(2) A detailed statement of the proposed benefit increases;
(3) A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and
(4) A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-103
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:24-11-103
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5b0eac0a8308a87a665a33b1b5e73aad1ff5898dc404bd25abdb194cd7b62b27
Source location: content.xml paragraph 10994
Stored source content
24-11-103. Actuarial valuation.
(a) The cost of actuarial valuation made under the provisions of § 24-11-102 shall be paid by the board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund which proposes to increase member or beneficiary benefits under the fund.
(b) The actuarial valuation shall include:
(1) The current financial and actuarial status of the income and liabilities of the firemen's relief and pension fund or policemen's pension and relief fund;
(2) A detailed statement of the proposed benefit increases;
(3) A comparison reflecting that the level of contributions and other income under the pension and relief fund is sufficient to amortize the unfunded liabilities resulting from the benefit increase over a thirty-year period; and
(4) A valuation determining whether, in the opinion of the actuary, the benefit increase, in conjunction with the addition of resources to reserves to increase actuarial soundness, will result in a deterioration of the actuarial soundness of the fund.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-102. Increase in benefits.
(a) The board of trustees of a municipal firemen's relief and pension fund and the board of trustees of a policemen's pension and relief fund are authorized to increase benefits for future or current retired members and beneficiaries of the firemen's relief and pension fund or policemen's pension and relief fund.
(b) Any proposed increase by the board of trustees shall be in strict compliance with the following conditions:
(1) The board of trustees of the firemen's relief and pension fund or the board of trustees of the policemen's pension and relief fund shall adopt a resolution approved by not less than three-fourths (¾) of the membership of the board of trustees, outlining the proposed increase in benefits;
(2)(A) The action proposed by the board of trustees under the resolution shall be determined by an actuarial valuation to be actuarially feasible to the extent that the unfunded liabilities resulting from the proposed increase in member or beneficiary benefits under the fund will be funded over a period of not more than thirty (30) years, pursuant to rules promulgated by the Arkansas Fire and Police Pension Review Board, based on the current available and known revenue or income sources available to the retirement and pension fund.
(B) The actuarial valuations shall be made by an actuary who is a member of the American Academy of Actuaries and who is employed by the review board.
(C) The Executive Director of the Arkansas Fire and Police Pension Review Board shall state the actuarial findings in writing to the board of trustees and shall certify the appropriate action to be taken;
(3)(A) A copy of the resolution adopted by the board of trustees of the firemen's relief and pension fund or the board of trustees of the p
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-102
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 24-11-102. This identifies an authority to review, not proof of applicability.