Browse Arkansas Code titles and sections
24-11-805. Investment.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-11-805. Investment.
(a)(1) All moneys provided for the firemen's relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen's relief and pension fund, and the firemen's relief and pension fund shall be used for no other purpose.
(2) The additional duties imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.
(b) The board of trustees of the firemen's relief and pension fund shall have the power with the consent of a majority of the firefighters at the time employed, expressed in writing and filed with the city clerk, to authorize the treasurer to draw sums from its treasury to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city where the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., the Arkansas Local Police and Fire Retirement System, in certificates of deposit or time deposits in banks duly established and authorized to do business in this state, or in savings and loan associations duly established and authorized to do business in this state.
(c) Except as provided in subsection (d) of this section, all securities shall be deposited with the treasurer of the board and shall be subject to the orders of the board.
(d)(1) However, in those firemen's relief and pension funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ:
(A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-11-805
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:24-11-805
Source file: gov.ar.code.title.24.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 0dc7382e8a56a5d14f96c578d510f032f98f527f931de264f9548e87d8746de0
Source location: content.xml paragraph 12383
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24-11-805. Investment.
(a)(1) All moneys provided for the firemen's relief and pension fund by this act shall be paid over to and received by the treasurer of the city or town for the sole use and benefit of the firemen's relief and pension fund, and the firemen's relief and pension fund shall be used for no other purpose.
(2) The additional duties imposed upon the treasurer shall be and comprise additional duties for which he or she shall be liable under his or her oath and bond as the city or town treasurer.
(b) The board of trustees of the firemen's relief and pension fund shall have the power with the consent of a majority of the firefighters at the time employed, expressed in writing and filed with the city clerk, to authorize the treasurer to draw sums from its treasury to invest in the name of the board in interest-bearing bonds of the United States, of the State of Arkansas, or of the city where the board is located, in a local government joint investment trust pursuant to the Local Government Joint Investment Trust Act, § 19-8-301 et seq., the Arkansas Local Police and Fire Retirement System, in certificates of deposit or time deposits in banks duly established and authorized to do business in this state, or in savings and loan associations duly established and authorized to do business in this state.
(c) Except as provided in subsection (d) of this section, all securities shall be deposited with the treasurer of the board and shall be subject to the orders of the board.
(d)(1) However, in those firemen's relief and pension funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ:
(A) An investment advisor as defined in § 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the system, as provided by § 24-10-401 et seq.; and
(B) A trustee or custodian to hold the assets.
(2) Investments shall not be limited to interest-bearing bonds, certificates of deposit, and time deposits.
(3) The total amount of fees paid for investment advisors, investment advisory services, investment educational services, trustee services, custodial and administrative services, and investment management services when the managers are required to perform security trades on a best execution basis shall be:
(A) Limited to no more than three percent (3%) annually of the first five hundred thousand dollars ($500,000) of plan assets, plus no more than two percent (2%) annually of the next five hundred thousand dollars ($500,000) of plan assets, plus no more than one percent (1%) annually of plan assets over one million dollars ($1,000,000); and
(B) Clearly stated, in total, on all monthly, quarterly, and annual statements prepared for the board.
(e) A decision on whether to invest, not invest, or withdraw from investment moneys provided for the firemen's relief and pension fund shall not be based on a consideration that the location of the investment, fund, company, or any other type of investment vehicle is in the State of Israel.
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Arkansas Code — all titles (historical 2020) · legal_authorities
19-8-301. Title.
This subchapter may be cited as the “Local Government Joint Investment Trust Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-8-301
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 19-8-301. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-401. Financial objectives and actuarial valuations.
(a)(1) The general financial objective of the Arkansas Local Police and Fire Retirement System and of each employer shall be to establish and receive contributions, expressed as percents of active employee pays, which will remain approximately level from year to year and which will not have to be increased for future generations of citizens.
(2) More specifically, contributions received each year shall be sufficient both to fully cover the costs of benefit commitments being made to employees for their service being rendered in each year and to make a level payment which, if paid annually over a reasonable period of future years, will fully cover the unfunded costs of benefit commitments for service previously rendered.
(b) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall cause an actuarial valuation of each employer's participation to be made at least biennially, and preferably annually, to determine how well the system is meeting the objectives set forth in subsection (a) of this section.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-401
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 24-10-401. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
24-10-402. Investments — Definition.
(a)(1) The Board of Trustees of the Arkansas Local Police and Fire Retirement System shall be the trustee of the funds of the Arkansas Local Police and Fire Retirement System, subject to the other provisions of this subchapter.
(2) The funds of the system shall be invested and reinvested, and the funds of local fire and police pension and relief funds, as created by §§ 14-52-106, 24-11-401 — 24-11-403, 24-11-405 — 24-11-413, 24-11-416, 24-11-417, 24-11-422, 24-11-423, 24-11-425, 24-11-428 — 24-11-430, 24-11-801 — 24-11-807, 24-11-809, 24-11-813 — 24-11-815, 24-11-818 — 24-11-820, with assets in excess of five hundred thousand dollars ($500,000) may also be invested in accordance with the following procedure:
(A)(i) From time to time, the investment advisor under contract to the board shall formulate the policy to be followed in future investment activity, and he or she shall promptly furnish the policy to the board in writing each time he or she changes the policy.
(ii) “Investment advisor” means any person who for compensation engages in the business of advising others, either directly or through publications or writings, as to the value of securities or as to the advisability of investing in, purchasing, or selling securities or who for compensation issues or promulgates analyses or reports concerning securities, and who is required to be registered as such with the State Securities Department. Furthermore, the term “investment advisor” includes officers of the bank trust departments even though the officers are not required to be registered with the State Securities Department;
(B) The investment advisor shall have full power to purchase, sell, assign, transfer, or dispose of any of the moneys or investments of the syste
Source: Arkansas Code — historical release 78 (November 6, 2020) · 24-10-402
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 24-10-402. This identifies an authority to review, not proof of applicability.