§ 24-8-318 - Additional funding sources for retirement benefits. - Arkansas Statutes

24-8-318. Additional funding sources for retirement benefits.

(a) In addition to the funds for the municipal court judges and clerk retirement fund provided for by 16-10-308(a)-(d), if the city council or quorum court determines by actuarial valuation that funding is inadequate to meet the financial objective of paying for current and any projected retirement funding obligations, a municipality or county may also add to retirement funding by city ordinance or county ordinance any or all of the following moneys:

(1) (A) Up to five percent (5%) of all fines and forfeitures collected by the district court or by the city or county for violations of municipal ordinances, county ordinances, or state laws.

(B) This five percent (5%) shall not be taken from:

(i) Court costs collected; and

(ii) Fines and forfeitures collected for violations of state laws that are designated by law as payable to state agencies or entities;

(2) An annual contribution from the city's general fund in an amount recommended by actuarial valuation to meet its projected financial obligation; and

(3) A one-time or occasional lump-sum payment from the city's general fund in an amount determined by the city's governing body, along with any payments or contributions from the county when the city and county share expenses and costs of a county-wide court.

(b) All ordinances passed pursuant to this section shall remain in full force and effect.