AR SB79

Allows political subdivisions to transfer excess moneys remaining after subsidy account exhaustion to police or fire pension and relief funds with prior written board approval, after employer contribution requirements are met.

Changes annual financial report requirement from "accountant's report" to "financial report" and permits board of trustees to authorize city clerk, recorder, treasurer, or fire district secretary-treasurer to prepare reports if accounts comply with board procedures.

Modifies reporting language to state financial reports shall "include" rather than "show" specified revenue and expenditure categories, and clarifies asset valuation will be determined by the Arkansas Fire and Police Pension Review Board in consultation with its actuary.

Increases firemen's pension board membership from four (4) to five (5) active or retired members, and establishes proportional representation based on ratio of active to retired members with specific composition requirements.

Declares emergency clause making the act effective immediately upon Governor approval to provide economic security for eligible Arkansas citizens covered by fire and police pension plans.