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24-11-215. Allocation of insurance premium tax — Special provisions.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-11-215
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: b4cec77fe732143917c5f54320b2204c4da2c67ae1eaf11b04d966c4836471a4
Source location: content.xml paragraph 11380
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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 needed to pay the expenses of and to make payments to the eligible retired police officers and survivors under the Arkansas Policemen's Pension Supplement Program for the coming year of the program.
(d) The amounts under § 24-11-217 shall be reduced proportionately so that the remainder portion for general revenue does not fall below four million dollars ($4,000,000).
(e)(1)(A) The factor applied to groups allocated under § 24-11-214(j) is forty percent (40%).
(B) The factor applied to groups allocated under § 24-11-214(k) is thirty percent (30%).
(2) The factors under subdivision (e)(1) of this section may be reduced proportionately to meet the following criteria:
(A) The general revenue portion resulting from this subsection does not fall below four million dollars ($4,000,000); and
(B) If the amount resulting from the application of the percentages under subdivision (e)(1) of this section, the amounts in subsections (b) and (c) of this section, and the amounts described in § 24-11-217 in total reduce the general revenue portion of the allocation below four million dollars ($4,000,000), the amounts resulting from the percentages in this subsection take precedence.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-213. Allocation of insurance premium tax — Apportionments.
(a)(1)(A) The premium taxes collected under § 24-11-301 shall be placed in a fund combined with the premium taxes collected pursuant to § 24-11-809.
(B) The combined fund shall be entitled the “Firemen's and Police Officers' Pension and Relief Fund”.
(C) The Firemen's and Police Officers' Pension and Relief Fund shall consist of a “fire portion” and a “police portion”.
(2) The remaining revenues collected under §§ 23-60-102, 24-11-301, 24-11-809, 26-57-601 — 26-57-605, and 26-57-607 shall be distributed to the Firemen's and Police Officers' Pension and Relief Fund and to the State of Arkansas as general revenues.
(3) Revenues distributed to the State of Arkansas as general revenues are subject to the allocations under § 24-11-215.
(b) The allocation of funds between the Firemen's and Police Officers' Pension and Relief Fund and the General Revenue Fund Account under this section is subject to the following conditions:
(1) The Arkansas Fire and Police Pension Review Board shall review annually the distribution of funds to each qualified city, town, or fire protection district made in the previous calendar year before disbursing funds to an area qualified under § 24-11-214;
(2) The board shall consider as part of the annual assessment of the allocation of the disbursement of funds under § 24-11-214:
(A) The certification of a new city, town, or fire protection district for participation in the Firemen's and Police Officers' Pension and Relief Fund;
(B)(i) A change in the legal description of a city, town, or fire protection district.
(ii) A change in the legal description of a city, town, or fire protection district shall be reported to the board annually by December 15; and
(C) A pop
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-213
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 24-11-213. This identifies an authority to review, not proof of applicability.
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
24-11-217. Additional allocation for certain underfunded plans.
(a) An additional allocation for certain underfunded plans as described in this section is created.
(b) The allocation shall be based on fifteen percent (15%) of the actuarial cost under § 24-11-214 and shall be available for certain policemen's pension and relief funds and firemen's relief and pension funds, including the portion of the actuarial cost for policemen's pension and relief funds and firemen's relief and pension funds that are administered by the Arkansas Local Police and Fire Retirement System.
(c) The policemen's pension and relief funds and firemen's relief and pension funds shall qualify for the additional allocation after approval of the Arkansas Fire and Police Pension Review Board and after meeting the following criteria:
(1) The policemen's pension and relief fund or the firemen's relief and pension fund is in compliance with all applicable laws and rules; and
(2) The policemen's pension and relief fund or the firemen's relief and pension fund shall receive employer contributions other than premium tax allocations that are at least eighty percent (80%) of the actuarial cost under § 24-11-214 during the calendar year before an allocation.
(d) An amount that is not distributed due to a policemen's pension and relief fund's or firemen's relief and pension fund's not meeting the requirements of subsection (c) of this section shall be retained and used to supplement the amounts needed for future years when the reductions under subsection (e) of this section apply.
(e) The amounts provided under this allocation are subject to the limits under § 24-11-215.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-217
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 24-11-217. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-6-209. Employer's contribution.
(a) The Division of Arkansas State Police, as employer, shall make contributions to the State Police Retirement System of twenty-two percent (22%) of active member payroll.
(b)(1) At the request of the Executive Secretary of the State Police Retirement System, the Secretary of the Department of Finance and Administration shall make annual transfers on each June 30 to the system from the remainder of insurance premium taxes enumerated in § 19-6-301(27) before those taxes are transferred to general revenues enumerated in § 19-6-201(19) the amounts of money necessary to amortize the unfunded liabilities over a period not to exceed thirty (30) years.
(2) These transfers are intended to cover the unfunded accrued actuarial liabilities of the system and shall not be used for the purpose of providing any benefit enhancements for the system.
(3) Members of the system shall not be entitled to any benefit enhancements from these transfers unless funds from sources other than insurance premium taxes are found to provide for the retirement benefit enhancements.
(4) The amount of the transfer shall be determined by computing the dollar amount required based on the actuarially determined employer rate in the most recent annual actuarial valuation and subtracting from that amount the statutory contribution amount specified in subsection (a) of this section and the driver's license reinstatement fees provided by § 27-16-808.
(5) These transfers shall be limited in use solely for the purpose of paying the unfunded accrued actuarial liabilities.
(6) If the transfers under this section exceed eight hundred thousand dollars ($800,000) per fiscal year, the executive secretary shall notify the Joint Interim Committee on Public Retirement and S
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-6-209
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 24-6-209. This identifies an authority to review, not proof of applicability.