§ 24-12-109 - Investment. - Arkansas Statutes

24-12-109. Investment.

(a) The board of trustees shall have the power to draw sums from its treasury to invest in the name of the board of trustees of the paid nonuniformed employees' pension and relief fund in interest-bearing bonds of the United States, of the State of Arkansas, or of the city in which the board is located or in a local government joint investment trust pursuant to 19-8-301 et seq.

(b) All securities shall be deposited with the treasurer of the board of trustees of the pension and relief fund and shall be subject to the orders of the board.

(c) (1) In those nonuniformed employees' pension and relief funds in which assets exceed one hundred thousand dollars ($100,000), the board of trustees may employ:

(A) An investment advisor as defined in 24-10-402(a)(2)(A)(ii) to invest the assets, subject to the terms, conditions, limitations, and restrictions imposed by law upon the Arkansas Local Police and Fire Retirement System, as provided by 24-10-401 et seq.; and

(B) A trustee or custodian to hold the assets.

(2) The investments shall not be limited to interest-bearing bonds.