24-11-207. Annual financial report — Duty of board of trustees.

24-11-207. Annual financial report — Duty of board of trustees. (a)(1) The board of trustees of each plan shall annually cause a financial report to be prepared covering each plan fiscal year. (2) The annual financial report shall be prepared at the direction of the board of trustees and in accordance with reporting procedures established by the Arkansas Fire and Police Pension Review Board. (b) Each annual financial report shall include at least the following: (1)(A) The plan's revenues and expenditures during the year. (B) The revenues shall include at least the annual total for each of the following items: (i) Employee contributions; (ii) Employer contributions from the state; (iii) Employer contributions, other; (iv) Investment income: (a) Interest and dividends; (b) Gain or loss on sales; (c) Other (specify); and (d) The total of subdivisions (b)(1)(B)(i)-(iii) of this section; (v) The change in unrealized gain or loss from the previous year; (vi) Other (specify); and (vii) The total of subdivisions (b)(1)(B)(i)-(vi) of this section. (C) The expenditures shall include at least the annual total for each of the following items: (i) Refunds of employee contributions; (ii) Benefits paid; (iii) Administrative expenses; (iv) Other (specify); and (v) The total of subdivisions (b)(1)(C)(i)-(iv) of this section. (D) The difference between revenues and expenditures is the change in plan reserve assets for the year; and (2)(A) The plan reserve assets. (B) The reserve assets at year's end shall include at least the total for each of the following items: (i) Cash and bank checking accounts, noninterest-earning; (ii) Bank deposits, interest-earning; (iii) Savings and loan deposits, interest-earning; (iv) Other cash equivalents, maturing in one (1) year or less; (v) United States Government securities; (vi) Non-United States Government securities; (vii) Mortgages; (viii) Corporate bonds; (ix) Corporate common and preferred stock; (x) Other (specify); and (xi) The total of subdivisions (b)(2)(B)(i)-(x) of this section. (C) For actuarial valuation purposes, the assets will be valued on the method determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary. (c) The individual who prepares the annual financial reports and the chair of the board of trustees shall certify that the information contained in the report is an accurate statement of these activities and was prepared in accordance with the provisions of this subchapter and by using the same method of accounting used in previous years.