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24-11-804. Administration of small funds by Arkansas Local Police and Fire Retirement System.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-804. Administration of small funds by Arkansas Local Police and Fire Retirement System.
(a)(1) In those local firemen's relief and pension funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer.
(2) As used in this section, “member” includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries.
(b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure:
(1)(A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designed as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries.
(B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll plus one percent (1%) of annual reserve assets.
(2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system, and for no other purpose.
(3)(A) If a former member of the local pension fund returns to service in whi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-804
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:24-11-804
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 734c99926227dc58aaf6b6531a118ba646639a9752c62190097cb01971935554
Source location: content.xml paragraph 12361
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24-11-804. Administration of small funds by Arkansas Local Police and Fire Retirement System.
(a)(1) In those local firemen's relief and pension funds that cover fewer than five (5) members, a local board of trustees may no longer exist, and the fund shall be designated as inactive by the employer.
(2) As used in this section, “member” includes an active member or a retired member of the fund described in subdivision (a)(1) of this section but does not include beneficiaries.
(b) Administrative responsibility for the fund shall be assigned to the Arkansas Local Police and Fire Retirement System as allowed by §§ 24-10-301 and 24-10-302 and as provided in the following procedure:
(1)(A) The actuary under contract to the system shall compute the retirement reserve for vested and active members and for eligible beneficiaries of the inactive fund. After receiving the report of the actuary, the employer shall transfer the computed reserve to the system to be held in an account designed as the retirement reserve for the inactive fund and from which the system shall pay eligible beneficiaries.
(B) The retirement reserve and any additional employer contributions shall include such amounts as are necessary to provide administrative expenses for the system, but such expenses shall not exceed a total of one-half of one percent (0.5%) of active member payroll plus one percent (1%) of annual reserve assets.
(2) Any excess assets of the fund remaining after the retirement reserve is created shall be transferred to an account designated by the employer, to be used solely for the purpose of making payments to the system for employee coverage administered under the system, and for no other purpose.
(3)(A) If a former member of the local pension fund returns to service in which the employee would have again become a member of the local fund, the past service credit may be purchased by the employer for the employee under the system and the purchase costs shall be amortized in the same manner as other service credit purchases are amortized under the system.
(B) Retired members and beneficiaries of any inactive fund under administration of the system that was actuarially sound before being designated inactive shall be eligible for annual redetermination of benefits as defined in § 24-10-612.
(C) Should the law mandate an increase in benefits to retired members or their beneficiaries, the increases shall be payable from the retirement reserve of the inactive fund.
(D) No prorating of benefits shall be allowed in inactive funds under the administration of the system.
(E) If the retirement reserve of an inactive fund shall become inadequate to pay full benefits to eligible recipients or if active members are still covered by the fund, the system shall require of the employer and the employer shall remit such actuarially computed amounts as are necessary to pay full benefits to current and future recipients.
(4)(A) Once a fund becomes inactive and a retirement reserve is created as required by this section, the employer may continue to collect such millages, state insurance tax turnback, and other revenues allowed by law for the support of firefighter retirement programs.
(B) The revenues shall be deposited locally into an account designated by the employer solely for making payments to the system for employee coverage administered under the system, and for no other purpose.
(5)(A) All employer contributions for inactive funds shall be made in such amounts and in such manner, form, and frequency as the Board of Trustees of the Arkansas Local Police and Fire Retirement System shall require.
(B) The pension records of inactive funds and other materials and reports as may be required by the board to administer the inactive funds shall be provided to the system in such manner as the board shall require.
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Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-301. Generally.
(a) The membership of the Arkansas Local Police and Fire Retirement System shall include the following persons:
(1) If his or her employer had its firefighters covered by a relief fund on the operative date, each person first employed as a firefighter on or after the operative date shall become a member of this system and not be a member of the relief fund;
(2) If his or her employer had its police officers covered by a relief fund on the operative date, each person first employed as a police officer on or after the operative date shall become a member of this system and not be a member of the relief fund;
(3) If his or her employer did not have its firefighters covered by a relief fund on the operative date, all persons employed as firefighters on the date the employer covers firefighters under this subchapter shall become members of the system as of that date, and each person first employed as a firefighter thereafter shall become a member upon employment;
(4) If his or her employer did not have its police officers covered by a relief fund on the operative date, all persons employed as police officers on the date the employer covers police officers under this subchapter shall become members of the system as of that date, and each person first employed as a police officer thereafter shall become a member upon employment;
(5) The administrative staff of the Arkansas Local Police and Fire Retirement System; and
(6) A current active firefighter or police officer member of the Arkansas Local Police and Fire Retirement System employed as an instructor at the Arkansas Fire Training Academy or the Arkansas Law Enforcement Training Academy on or after July 1, 2013.
(b) In any case of question as to the system membership status of any perso
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-301
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 24-10-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-302. Coverage by employer.
(a) Each political subdivision without a relief fund in effect on the operative date may elect, by a majority vote of its governing body, to become an employer and cover its employees under the Arkansas Local Police and Fire Retirement System, as follows:
(1)(A) The clerk or secretary of the political subdivision shall certify, in a manner and form acceptable to the Board of Trustees of the Arkansas Local Police and Fire Retirement System, the determination of the political subdivision to the board within ten (10) days from and after the vote of the governing body.
(B) The effective date of the political subdivision's coverage shall be the first day of the calendar month next following receipt by the board of the determination;
(2) An employer may cover its employees who are police officers or its employees who are firefighters, or both groups.
(b) Each political subdivision with a relief fund in effect on the operative date shall become an employer on the operative date and cover its employees under the system, as follows:
(1) An employer with a relief fund covering police officers shall cover its future police officers; and
(2) An employer with a relief fund covering firefighters shall cover its future firefighters.
(c) After the effective date, a political subdivision shall not commence coverage of its employees who are police officers or firefighters under another plan similar in purpose to this system, except Social Security.
(d)(1) In the event an employer has in effect for all or part of its employees a plan similar in purpose to this system, then by agreement with the board, after the board has received the advice of its technical advisors concerning the agreement, that employer may provide for coverage under th
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-302
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 24-10-302. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-612. Redetermination of benefits.
(a) Beginning with the July 1 that is at least twelve (12) full months after the effective date of a monthly benefit, the amount of the benefit shall be redetermined effective each July 1, and the redetermined amount shall be payable for the ensuing year.
(b) The redetermined amount shall be the amount of the benefit as of the immediately preceding July 1 increased by three percent (3%).
(c)(1) Effective July 1, 2009, there will be a one-time redetermination of benefits for paid service members who were receiving a benefit on or before June 30, 2009.
(2) The paid service retirants will receive a benefit beginning July 1, 2009, which is the greater of:
(A) The benefit calculated under § 24-10-602, as in effect on July 1, 2009, using the member's final average salary at retirement; or
(B) The monthly benefit that otherwise would be paid on July 1, 2009, under this section.
(3) The redetermination under subdivisions (c)(1) and (2) of this section is applicable to all paid service members or their beneficiaries receiving benefits under this subchapter.
(4) The Arkansas Local Police and Fire Retirement System shall not make any benefit payments retroactive to a date before July 1, 2009.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-612
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 24-10-612. This identifies an authority to review, not proof of applicability.