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24-11-217. Additional allocation for certain underfunded plans.
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. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:24-11-217
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 343a8cd93051df67b8a8a20f8d414381c5bac9b29c8526d6e45468799a6d4d84
Source location: content.xml paragraph 11425
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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.
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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.