(a) There is created a trust fund to be known as the "Arkansas State Highway Employees' Retirement System Fund", which shall be the depository for moneys in the State Treasury or the designated bank as provided for in this chapter.
(b) The employer shall draw vouchers or cause vouchers to be drawn upon the State Highway and Transportation Department Fund for deposit into the Arkansas State Highway Employees' Retirement System Fund for such sums of money as are provided in § 24-5-109 to match employee contributions as certified by the Executive Secretary of the Board of Trustees of the Arkansas State Highway Employees' Retirement System:
(1) In accordance with the provisions of §§ 24-5-101 -- 24-5-109 and 24-5-112 -- 24-5-118; or
(2) As provided under § 24-5-137.
(c) (1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the Arkansas State Highway Employees' Retirement System, subject to the orders and directions of the Board of Trustees of the Arkansas State Highway Employees' Retirement System.
(2) The system may deposit with the Treasurer of State, or a designated bank, safekeeping receipts or, in the case of federal bookkeeping entries, the evidence of investment that is issued in lieu of the actual securities.
(d) The Attorney General shall serve as legal advisor to the board.
(e) It shall be the duty of the Legislative Auditor to audit the finances of the system one time or more often if either the auditor or the board consider such action necessary.
Section: Previous 24-5-102 24-5-103 24-5-104 24-5-105 24-5-106 24-5-107 24-5-108 24-5-109 24-5-110 24-5-112 24-5-113 24-5-114 24-5-115 24-5-116 NextLast modified: November 15, 2016