Browse Arkansas Code titles and sections
24-11-216. Minimum asset management standards.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-216. Minimum asset management standards.
(a) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the minimum asset management standards established under this section.
(b)(1) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall be deemed to have met the minimum asset management standards if:
(A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801;
(B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually;
(C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board;
(D)(i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period.
(ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and
(E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years.
(2) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the requirements of this section on or before December 31, 2008, and each year thereafter.
(c) If the Arkansas Fire and Police Pension Review
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-216
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:24-11-216
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 2d863104d2a6635333148a38cf0cbf17a7a6b66785421a201d7580192be132d6
Source location: content.xml paragraph 11402
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24-11-216. Minimum asset management standards.
(a) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the minimum asset management standards established under this section.
(b)(1) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall be deemed to have met the minimum asset management standards if:
(A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801;
(B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually;
(C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board;
(D)(i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period.
(ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and
(E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years.
(2) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the requirements of this section on or before December 31, 2008, and each year thereafter.
(c) If the Arkansas Fire and Police Pension Review Board determines that a local firemen's relief and pension fund or a local policemen's pension and relief fund does not meet the minimum asset management standard under subsection (b) of this section, the Arkansas Fire and Police Pension Review Board shall:
(1) Notify the local firemen's relief and pension fund or the local policemen's pension and relief fund and the sponsoring municipality of the local firemen's relief and pension fund or the local policemen's pension and relief fund of that fact and advise the local firemen's relief and pension fund or the local policemen's pension and relief fund of the steps necessary to comply with the standards; and
(2) Require the local firemen's relief and pension fund or the local policemen's pension and relief fund to:
(A) Establish a written investment policy that incorporates the rate of return established under subdivision (b)(1)(D) of this section and other requirements in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board; and
(B) Obtain professional investment management in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.
(d) If the local firemen's relief and pension fund or the local policemen's pension and relief fund or its sponsoring municipality does not comply with subsection (c) of this section within six (6) months of the notification by the Arkansas Fire and Police Pension Review Board, then the local firemen's relief and pension fund or the local policemen's pension and relief fund shall develop a written plan of action in conjunction with the Arkansas Fire and Police Pension Review Board in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.
(e) The Arkansas Fire and Police Pension Review Board shall promulgate rules necessary to implement the provisions of this section.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-202. Noncompliance with subchapter.
(a) If it is determined that a plan is not complying with the provisions of this subchapter, the Executive Director of the Arkansas Fire and Police Pension Review Board shall certify the noncompliance to the Secretary of the Department of Finance and Administration, who shall withhold all moneys otherwise due the plan from the state until compliance is achieved.
(b) All actions taken by the executive director shall be subject to review and acceptance by the Arkansas Fire and Police Pension Review Board.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-202
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 24-11-202. 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.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-801. Board of trustees — Members.
(a) The board of trustees of every firemen's relief and pension fund established in a city, incorporated town, or duly qualified fire protection district under this subchapter shall be composed of the following:
(1) The chief executive, who shall serve as chair of the board;
(2) The city or district clerk or recorder, who shall serve as secretary of the board;
(3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve, or, if there is no active member of the fire department, a retired member of the fire department; and
(4)(A) Four (4) active or retired members of the pension fund.
(B) As used in this section, “member” includes an active or retired member of the fund but does not include a beneficiary of the fund.
(b) The board thus created shall provide for the disbursement of the firemen's relief and pension fund and shall designate its beneficiaries as directed in this act.
(c) The active and retired members shall elect the member trustees by secret written ballot in May of each year by a method to be determined by the board.
(d) All member trustees shall serve two-year terms without compensation.
(e) The board may make all rules needful for its guidance to implement the provisions regarding board composition.
(f) The chief executive in the cities, incorporated towns, or fire protection districts shall be the chair, the city or town clerk or recorder or clerk of the fire protection district shall be ex officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasurer of the board of trustees during his or her respective term of office as the official of the city,
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-801
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 24-11-801. This identifies an authority to review, not proof of applicability.