§ 24-11-212 - Future supplement funds. - Arkansas Statutes

24-11-212. Future supplement funds.

(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 police and fire pension and relief funds.

(b) The future supplement funds shall be administered by the Arkansas Fire and Police Pension Review Board.

(c) Each year the future supplement funds 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 funds.

(2) (A) Beginning June 30, 2003, and June 30 of each following year, the future supplement funds are authorized to distribute one hundred percent (100%) of the amount added to the future supplement funds the previous June 30 and any current reserve funds.

(B) The amount shall be distributed to the local police and fire pension and relief 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 police and fire pension and relief funds, any remainder of the future supplement funds shall be transferred to the Arkansas Local Police and Fire Retirement System.