§ 24-5-106 - Establishment of retirement fund. - Arkansas Statutes

24-5-106. Establishment of retirement fund.

(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 the deposit in 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 in accordance with the provisions of 24-5-101 -- 24-5-109, 24-5-112 -- 24-5-118.

(c) (1) The Treasurer of State, or a designated bank, shall be the legal custodian of the securities of the system, subject to the orders and directions of the Board of Trustees of the Arkansas State Highway Employees' Retirement System.

(2) The Arkansas State Highway Employees' Retirement 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 once a year or more often if either the auditor or the board consider such action necessary.