AR SB111

Amends Arkansas Code § 24-2-618 to exempt state retirement system investment contracts from mandatory expiration provisions under Arkansas Procurement Law when the purpose is to invest trust assets, provide actuarial services, retain asset custody, or protect and recover trust assets.

Requires state retirement system boards of trustees to determine contract duration and renewals by negotiating for favorable rates and terms based on market competition, contractor experience, system needs, and compliance with the prudent investor rule.

Mandates that consultant contracts extended after this act include written amendments requiring consultants to submit annual reports on their process for recruiting and hiring emerging managers and emerging investment funds within 60 days of fiscal year end.

Allows state retirement systems to refer or recommend specific emerging managers and investment funds to consultants and request reports on referral outcomes.

Declares an emergency to prevent state retirement systems from being forced to renegotiate long-term investment contracts that could result in millions of dollars in higher fees.