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24-11-208. Administration of underfunded plans.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-208. Administration of underfunded plans.
(a) The purpose of this section is to provide a method for the funding of benefits in certain underfunded plans. Some of the municipal fire and police pension funds established under §§ 14-52-106, 24-11-401 — 24-11-403, 24-11-405 — 24-11-413, 24-11-416, 24-11-417, 24-11-422, 24-11-423, 24-11-425, 24-11-428 — 24-11-430, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-815, and 24-11-818 — 24-11-820, may run out of funds before all of the promised benefits have been paid to their members, retirants, and beneficiaries.
(b)(1) Annually, in conjunction with the actuarial valuations required by § 24-11-205, the Arkansas Fire and Police Pension Review Board shall identify those plans that are projected to deplete their assets within ten (10) years after the valuation date.
(2) A plan so identified shall be declared a projected insolvent fund.
(c) The Arkansas Fire and Police Pension Review Board shall notify the board of trustees of each projected insolvent fund of its funded status and the options that are available to the fund to protect the benefits of its members, retirants, and beneficiaries.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-208
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:24-11-208
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: e0f78b3e4d772f635b919b6ae60ca7409d8a44dde96740f9efe212330b55c7dc
Source location: content.xml paragraph 11220
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24-11-208. Administration of underfunded plans.
(a) The purpose of this section is to provide a method for the funding of benefits in certain underfunded plans. Some of the municipal fire and police pension funds established under §§ 14-52-106, 24-11-401 — 24-11-403, 24-11-405 — 24-11-413, 24-11-416, 24-11-417, 24-11-422, 24-11-423, 24-11-425, 24-11-428 — 24-11-430, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-815, and 24-11-818 — 24-11-820, may run out of funds before all of the promised benefits have been paid to their members, retirants, and beneficiaries.
(b)(1) Annually, in conjunction with the actuarial valuations required by § 24-11-205, the Arkansas Fire and Police Pension Review Board shall identify those plans that are projected to deplete their assets within ten (10) years after the valuation date.
(2) A plan so identified shall be declared a projected insolvent fund.
(c) The Arkansas Fire and Police Pension Review Board shall notify the board of trustees of each projected insolvent fund of its funded status and the options that are available to the fund to protect the benefits of its members, retirants, and beneficiaries.
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Arkansas Code — all titles (historical 2020) · legal_authorities
14-52-106. Annual vacation leave.
(a) The head or chief of each police department shall:
(1) Grant each employee annual vacation leave of not less than fifteen (15) working days with full pay; and
(2) Approve the use of annual vacation leave before the annual vacation leave is used.
(b) Unused annual vacation leave may accumulate to a maximum allowance as determined by ordinance of the municipality.
(c) Upon the first day after the end of the term of service or retirement, an employee may be paid for his or her unused accumulated vacation leave at the employee's regular rate of pay, not to exceed the maximum allowance under ordinance of the municipality.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 14-52-106
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 14-52-106. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-401. Applicability.
This subchapter shall not apply to any city that had a policemen's pension and relief fund on June 10, 1937.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-401
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 24-11-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-403. Creation of fund — Tax levy.
(a) Annually, a tax not to exceed one (1) mill on the dollar of all taxable property in any cities or towns in this state is levied as a fund for pensioned and superannuated members of the police department, for the surviving spouses and minor children or dependent parents of deceased members of the police department, and to relieve the members in case of temporary disability.
(b) This fund shall be known as the “policemen's pension and relief fund” and shall be collected as other taxes are collected and shall be turned over to the board of trustees of the policemen's pension and relief fund, as provided in this section.
(c) In those cities which do not have a policemen's pension and relief fund but which cover their police officers under the Arkansas Local Police and Fire Retirement System, the tax, once approved by a majority of those voting on the question, shall be collected annually as other taxes are collected and shall be turned over to each city to be applied to each city's account in that system, in such manner and amounts as determined by the board of trustees of that system.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-403
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 24-11-403. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-405. Board of trustees.
(a) The board of trustees of the policemen's pension and relief fund shall consist of seven (7) members as follows:
(1) The chief executive officer of the city, who shall be chair of the board;
(2) The city treasurer, who shall be treasurer of the fund;
(3)(A)(i) Five (5) active or retired members of the pension fund.
(ii)(a) The active pension fund members shall elect the active members by secret written ballot in May of each year, with the member or members to be chosen in alternating years.
(b) The retired member or members shall be chosen in May of each year by a method to be determined by the board, with the member or members to be chosen in alternating years.
(c) All member trustees shall serve two-year terms.
(d) In the event of a vacancy in a board position, the board of trustees shall appoint a replacement to serve the remainder of the unexpired term.
(iii) If there are no active members of the pension fund, all five (5) employee members shall be elected by the retired membership of the pension fund and the surviving spouses of deceased members currently receiving benefits.
(B) The board shall select one (1) of the police members as secretary of the board to serve for a period of two (2) years or until his or her successor is elected and qualified.
(C) However, if no retirant is available to serve on the board, all five (5) employee positions shall be held by active members of the pension fund and shall be elected by secret ballot by the active members of the pension fund for two-year terms as provided in subdivision (a)(3)(A) of this section.
(D) The board shall have the power to make all rules needful for its guidance to implement the provisions regarding board composition; and
(4) The number of active m
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-405
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 24-11-405. This identifies an authority to review, not proof of applicability.