AR SB41

Amends Arkansas Code § 24-11-217 to replace language stating the additional allocation "shall be phased in" with "replaces" the Arkansas Fire and Police Pension Guarantee Fund after fiscal year 2015.

Maintains the additional allocation at 10% of actuarial cost under § 24-11-214 for certain pension and relief funds, including those administered by the Arkansas Local Police and Fire Retirement System.

Requires pension and relief funds to comply with all applicable laws and rules, and receive employer contributions (other than premium tax allocations) at least 80% of actuarial cost during the calendar year before allocation.

For fiscal years 2012-2015, ensures the additional allocation amounts are not less than would have been provided under the previous Arkansas Fire and Police Pension Guarantee Fund.

Declares an emergency clause, making the act effective upon Governor approval, expiration of veto period, or veto override by the legislature.