(a) A Future Supplement Fund-Police and a Future Supplement Fund-Fire are created for the purpose of providing cost-of-living assistance and minimum-benefit-amount assistance to policemen's pension and relief funds and firemen's relief and pension funds.
(b) Future Supplement Fund-Police and Future Supplement Fund-Fire shall be administered by the Arkansas Fire and Police Pension Review Board.
(c) Each year the Future Supplement Fund-Police and Future Supplement Fund-Fire will receive moneys from:
(1) The portion of each location's premium tax allocation based on number of members as of December 31, 2000, who are no longer receiving benefits and these amounts as defined in § 24-11-214(g); and
(2) The portion of the increase in the amount allocated to general revenues under § 24-11-213 as this amount is defined in that section.
(d) (1) In each regular session, the General Assembly shall decide the method and amount to be distributed from the Future Supplement Fund-Police and Future Supplement Fund-Fire.
(2) (A) Beginning June 30, 2003, and June 30 of each following year, the Future Supplement Fund-Police and Future Supplement Fund-Fire are authorized to distribute one hundred percent (100%) of the amount added to the Future Supplement Fund-Police and Future Supplement Fund-Fire the previous June 30 and any current reserve funds.
(B) The amount shall be distributed to the local policemen's pension and relief funds and local firemen's relief and pension funds to be paid to members who are retired, beneficiaries, or members on the deferred retirement option plan.
(C) For the purposes of distribution, a volunteer member shall receive an amount equal to one-fifth (1/5) of the amount distributed to a paid member.
(D) The distribution shall be calculated and approved by the board.
(e) At the time that there are no longer any members covered by local policemen's pension and relief funds and local firemen's relief and pension funds, any remainder of the Future Supplement Fund-Police and Future Supplement Fund-Fire shall be transferred to the Arkansas Local Police and Fire Retirement System.
Section: Previous 24-11-203 24-11-204 24-11-205 24-11-206 24-11-207 24-11-208 24-11-210 24-11-211 24-11-212 24-11-213 24-11-214 24-11-215 24-11-216 24-11-217 NextLast modified: November 15, 2016