AR SB8

Adds Arkansas Code 19-1-506 to establish investment authority and procedures for municipal cemetery perpetual care trust funds governed by a board of trustees.

Allows cemetery trust funds with assets exceeding $100,000 to employ investment advisors registered with the State Securities Department (or bank trust officers) and trustees or custodians to manage investments beyond interest-bearing bonds.

Caps total annual fees at 3% of the first $500,000 in assets, 2% of the next $500,000, and 1% of assets exceeding $1,000,000, with all fees clearly stated on monthly, quarterly, and annual statements.

Requires investment advisors to formulate and provide written investment policies to the board, file semiannual written reports detailing purchases, sales, receipts, and disbursements, and allows the board to direct specific investments while bearing full responsibility.

Restricts investments to no-load mutual funds meeting specific criteria (open-end, diversified, management company with 10+ years operation and $100+ million in assets) until the fund reaches $5,000,000 in assets.