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24-11-212. Future Supplement Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-212. Future Supplement Fund.
(a) A Future Supplement Fund is created for the purpose of providing cost-of-living assistance and minimum-benefit-amount assistance to policemen's pension and relief funds and firemen's relief and pension funds.
(b) The Future Supplement Fund shall be administered by the Arkansas Fire and Police Pension Review Board.
(c) Each year the Future Supplement Fund shall receive moneys from the premium tax allocation under § 24-11-214 based on the total of the amounts listed in subdivision (d)(1) of this section.
(d)(1) Beginning on June 30, 2019, and continuing on June 30 of each following year, the Future Supplement Fund may distribute to local policemen's pension and relief funds and local firemen's relief and pension funds to pay retired members, beneficiaries, or members of a deferred retirement option plan the following:
(A) Two thousand two hundred and forty dollars ($2,240) to each retired member, beneficiary, or member of the deferred retirement option plan of a policemen's pension and relief fund;
(B) One thousand six hundred and twenty dollars ($1,620) to each retired member, beneficiary, or member of the deferred retirement option plan who was a paid member of a firemen's relief and pension fund; and
(C) Three hundred dollars ($300) to each retired member or beneficiary who was a volunteer member of a firemen's relief and pension fund.
(2) Beginning on June 30, 2020, and continuing each following year, the amounts listed in subdivision (d)(1) of this section shall be increased by a two-and-five-tenths-percent compound cost-of-living adjustment.
(3) Beginning on June 30, 2020, and continuing each following year, the amount distributed to a paid member of the firemen's relief and pension fund shall be increased in
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-212
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:24-11-212
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 460f9b83e3911bd474ff66d98f6c455eb779e65db11f5189fa83eb95eda41a4d
Source location: content.xml paragraph 11277
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24-11-212. Future Supplement Fund.
(a) A Future Supplement Fund is created for the purpose of providing cost-of-living assistance and minimum-benefit-amount assistance to policemen's pension and relief funds and firemen's relief and pension funds.
(b) The Future Supplement Fund shall be administered by the Arkansas Fire and Police Pension Review Board.
(c) Each year the Future Supplement Fund shall receive moneys from the premium tax allocation under § 24-11-214 based on the total of the amounts listed in subdivision (d)(1) of this section.
(d)(1) Beginning on June 30, 2019, and continuing on June 30 of each following year, the Future Supplement Fund may distribute to local policemen's pension and relief funds and local firemen's relief and pension funds to pay retired members, beneficiaries, or members of a deferred retirement option plan the following:
(A) Two thousand two hundred and forty dollars ($2,240) to each retired member, beneficiary, or member of the deferred retirement option plan of a policemen's pension and relief fund;
(B) One thousand six hundred and twenty dollars ($1,620) to each retired member, beneficiary, or member of the deferred retirement option plan who was a paid member of a firemen's relief and pension fund; and
(C) Three hundred dollars ($300) to each retired member or beneficiary who was a volunteer member of a firemen's relief and pension fund.
(2) Beginning on June 30, 2020, and continuing each following year, the amounts listed in subdivision (d)(1) of this section shall be increased by a two-and-five-tenths-percent compound cost-of-living adjustment.
(3) Beginning on June 30, 2020, and continuing each following year, the amount distributed to a paid member of the firemen's relief and pension fund shall be increased in seven (7) installments until the amount, beginning on June 30, 2026, is equal to the amount distributed to each member of the policemen's pension and relief fund.
(e) At the time that there are no longer any members covered by local policemen's pension and relief funds and local firemen's relief and pension funds, any remainder of the Future Supplement Fund shall be transferred to the Arkansas Local Police and Fire Retirement System to be used solely by a covered employer to defray the covered employer's employer contribution costs to the system.
(f) The Arkansas Fire and Police Pension Review Board may use an amount allocated in previous years that has not been distributed for the Future Supplement Fund to:
(1) Ensure the distribution of an amount listed in subdivision (d)(1) of this section; and
(2) Help offset a reduction described in § 24-11-215.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-214. Allocation of insurance premium tax — Division among localities.
(a) An actuary certified by the Society of Actuaries shall evaluate the information submitted under this section and §§ 24-11-213 and 24-11-215 to determine the amount of the premium tax revenues to be directed to each city, town, or fire protection district.
(b)(1) It is the intent of the General Assembly that the allocation of revenues to the Firemen's and Police Officers' Pension and Relief Fund be directed to a city, town, or fire protection district based on the actuarial cost of their retirement programs.
(2) The actuarial cost for a calendar year:
(A)(i) For a group that is a member of the Arkansas Local Police and Fire Retirement System, shall equal that group's calculated contribution rate, as defined in § 24-10-405, as of the beginning of that calendar year multiplied by that group's estimated annual payroll as of the beginning of that calendar year.
(ii) However, for volunteer members the actuarial cost shall equal the group's per-person cost, less the mandatory employer per-person cost, as of the beginning of that calendar year multiplied by the number of volunteer members in that group as of the beginning of that calendar year.
(iii) The additional cost for a group that is a member of the system that results from a consolidation of a local policemen's pension and relief fund or a local firemen's relief and pension fund shall be calculated separately for this allocation purpose;
(B) For a group that is covered by a local policemen's pension and relief fund or a local firemen's relief and pension fund, shall be the cost calculated by the actuary for the Arkansas Fire and Police Pension Review Board for the preceding calendar year; and
(C)(i) An actuarial cost in this s
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-214
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 24-11-214. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-215. Allocation of insurance premium tax — Special provisions.
(a) Revenues distributed to the State of Arkansas as general revenue are subject to the allocations in this section.
(b)(1) All taxes that are levied on insurers that are allocated to general revenues under § 24-11-213 may be allocated to the Fire Protection Premium Tax Fund, underfunded plans under § 24-11-217, and then to general revenues.
(2)(A) For the 1999-2000 state fiscal year, six hundred thousand dollars ($600,000) of the fire portion of funds transferred to general revenues under this section and § 24-11-213 shall be transferred to the Fire Protection Premium Tax Fund.
(B) In all subsequent years fifty percent (50%) of the percentage increase in the amount allocated to general revenues under this section and § 24-11-213, using the dollar amount allocated in fiscal year 1999-2000 as the baseline, shall be transferred to the Fire Protection Premium Tax Fund in addition to the six hundred thousand dollars ($600,000) per year until the time that a cap of two million dollars ($2,000,000) annually is transferred to the Fire Protection Premium Tax Fund.
(C) Thereafter, the annual transfer shall be set at two million dollars ($2,000,000).
(c) After transfers are made to cover funds distributed under subsection (b) of this section and the portion of those premium taxes set aside for transfer to the State Police Retirement Fund under § 24-6-209(b), the Secretary of the Department of Finance and Administration is directed to make annual transfers from the police portion of the revenues to the Policemen's Pension Supplement Program Fund on or before July 25, 1999, and each year thereafter as certified by the Arkansas Fire and Police Pension Review Board on July 1 each year as the amount neede
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-215
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 24-11-215. This identifies an authority to review, not proof of applicability.