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24-11-204. General financial objective of plan.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-204. General financial objective of plan.
(a) The general financial objective of each plan shall be to establish and receive contributions, expressed as percentages of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.
(b) More specifically, contributions received each year shall be sufficient both:
(1) To fully cover the costs of benefit commitments being made to employees for their service being rendered in each year; and
(2) To make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-204
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:24-11-204
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 67750644f3b2ccd0a9a8457c1f0e89543ba3f7289266960c46c50a7c2805dc25
Source location: content.xml paragraph 11125
Stored source content
24-11-204. General financial objective of plan.
(a) The general financial objective of each plan shall be to establish and receive contributions, expressed as percentages of active employee payroll or, in the case of volunteer fire department pension plans, expressed in dollar amounts, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.
(b) More specifically, contributions received each year shall be sufficient both:
(1) To fully cover the costs of benefit commitments being made to employees for their service being rendered in each year; and
(2) To make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.
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