2010 Arkansas Code
Title 24 - Retirement And Pensions
Chapter 11 - Local Police And Fire Pension And Relief Funds
Subchapter 8 - Firemen's Relief and Pension Funds
§ 24-11-801 - Board of trustees -- Members.

24-11-801. Board of trustees -- Members.

(a) The board of trustees of every firemen's pension and relief fund established in a city, incorporated town, or duly qualified fire protection district pursuant to the provisions of this subchapter shall be composed of the following:

(1) The chief executive, who shall serve as chair of the board;

(2) The city or district clerk or recorder, who shall serve as secretary of the board;

(3) The fire chief or, if the fire chief is not a member of the fund, the highest ranking member of the fire department who is a member and who is willing to serve; and

(4) Four (4) active or retired members of the pension fund.

(b) The board thus created shall provide for the disbursement of the firemen's relief and pension fund and shall designate its beneficiaries as directed in this act.

(c) The fire department shall elect the active member or members by secret written ballot in May of each year, with the member or members to be chosen in alternate years.

(d) The retired members shall elect the retired member or members by secret written ballot in May of each year, with the member or members to be chosen in alternate years by a method to be determined by the board.

(e) All member trustees shall serve two-year terms.

(f) (1) The number of active members or retired members to serve on the board shall be determined by the proportionate number of active members to retired members, as follows:

(A) When the number of active members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of three (3) active members and one (1) retired member;

(B) When the number of active members equals fifty percent (50%) of the total of retired members and active members, the board shall be composed of two (2) active members and two (2) retired members; and

(C) When the number of retired members equals seventy-five percent (75%) of the total of retired members and active members, the board shall be composed of one (1) active member and three (3) retired members.

(2) (A) However, when no retirant is available to serve on the board, all four (4) employee positions shall be held by active members of the pension fund and shall be elected for two-year terms as provided in subsection (e) of this section.

(B) However, when no active member is available to serve on the board, all four (4) positions shall be held by retired members of the pension fund and shall be elected for two-year terms as provided in subsection (e) of this section.

(g) The board shall have the power to make all rules and regulations needful for its guidance to implement the provisions regarding board composition.

(h) The chief executive in the cities, incorporated towns, or fire protection districts shall be the chair, the city or town clerk or recorder or clerk of the fire protection district shall be ex officio secretary, and the city, town, or fire protection district treasurer shall be ex officio treasurer of the board of trustees during his or her respective term of office as the official of the city, incorporated town, or fire protection district.

(i) The secretary and treasurer of each board of trustees shall report annually, at the same time annual reports are required as clerk, recorder, or treasurer, the precise status of the firemen's relief and pension fund, showing all receipts and disbursements on account with a full and complete list of all beneficiaries of the fund and the amount paid each beneficiary.

(j) (1) Each member of the board of trustees of the firemen's pension and relief fund who receives gifts or other compensation that in total exceeds one hundred dollars ($100), including, but not limited to, trips and meals, from current or potential investment advisors or managers of the firemen's pension and relief fund shall prepare an annual statement listing:

(A) Each item received;

(B) The estimated value of each item; and

(C) From whom each item was received.

(2) (A) Each member of the board of trustees of the firemen's pension and relief fund shall attest by written affidavit that the member's annual statement is true and current to the best of his or her knowledge.

(B) (i) An annual statement and affidavit from each board member shall be collected by the board of trustees of the firemen's pension and relief fund or the municipal treasurer.

(ii) One (1) copy of the statement and affidavit shall be filed with the Secretary of State.

(iii) A second copy of each statement and affidavit shall be retained on file by the board of trustees of the firemen's pension and relief fund or the municipal treasurer and shall be available for review by any plan participant.

(C) (i) As part of the annual report to the Arkansas Fire and Police Pension Review Board, the chair of the board of trustees of the firemen's pension and relief fund for each plan shall certify that the statements and affidavits as described in this subsection have been completed and appropriately filed.

(ii) Each plan's annual report shall not be considered complete without this certification.