(a) (1) Beginning with the allocation in fiscal year 2012, an additional allocation for certain underfunded plans as described in this section is created.
(2) The additional allocation replaces the Arkansas Fire and Police Pension Guarantee Fund under § 24-11-209 [repealed] after the allocation in fiscal year 2015.
(b) The additional allocation shall be based on ten percent (10%) 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) For the allocations in fiscal years 2012 through 2015, the amount of the additional allocation to a policemen's pension and relief fund or a firemen's relief and pension fund shall not be less than would have been provided by the Arkansas Fire and Police Pension Guarantee Fund under § 24-11-209 [repealed].
(e) The amounts provided under this additional allocation are subject to the limits under § 24-11-215.
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 24-11-217Last modified: November 15, 2016