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Arkansas Code Title 24. Retirement and Pensions § 24-11-217. Additional allocation for certain underfunded plans

Current as of March 28, 2024 | Updated by Findlaw Staff

(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;

(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; and

(3)(A) A firemen's relief and pension fund that provides benefits to volunteer members shall receive funding without meeting the employer contribution requirement described in subdivision (c)(2) of this section if the firemen's relief and pension fund is:

(i) Less than fifty percent (50%) funded as of the most recent actuarial valuation; and

(ii) Administered by the Arkansas Local Police and Fire Retirement System.

(B) The funding under this subsection shall be eliminated to meet the criteria of § 24-11-215(e)(2)(A) notwithstanding the requirement of § 24-11-215(d).

(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.

(f) Funds distributed to underfunded local pension programs through appropriation by the General Assembly for the purpose of payment of Firemen's and Police Officers' Pension and Relief Fund taxes for municipal fire and police relief and pension funds shall not be used to enhance benefits of the recipients.

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Cite this article: FindLaw.com - Arkansas Code Title 24. Retirement and Pensions § 24-11-217. Additional allocation for certain underfunded plans - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-24-retirement-and-pensions/ar-code-sect-24-11-217/

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