SB241 Summary

• Consolidates Future Supplement Fund-Police and Future Supplement Fund-Fire into a single Future Supplement Fund administered by the Arkansas Fire and Police Pension Review Board.

• Establishes automatic distributions beginning June 30, 2019: $2,240 to police retirees, $1,620 to paid fire retirees, and $300 to volunteer fire retirees, with 2.5% annual cost-of-living adjustments beginning June 30, 2020.

• Increases payments to paid fire department members in seven installments through June 30, 2026, to equal police member distributions.

• Increases the additional allocation for underfunded pension plans from 10% to 15% of actuarial cost under § 24-11-217.

• Declares an emergency effective May 1, 2019, to ensure uninterrupted premium tax distributions scheduled for June 2019.