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AR HB1008
Bill
Status
3/15/2021
Primary Sponsor
Jeff Wardlaw
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AI Summary
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Amends Arkansas Code § 24-11-217(c) to add a new subdivision addressing funding for firemen's relief and pension funds that serve volunteer members.
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Allows firemen's relief and pension funds providing volunteer benefits to receive state funding without meeting the standard employer contribution requirement if the fund is less than 50% funded based on the most recent actuarial valuation.
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Requires the fund to be administered by the Arkansas Local Police and Fire Retirement System to qualify for this exemption.
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Specifies that this funding exemption shall be eliminated once the fund meets the criteria established in Arkansas Code § 24-11-215(e)(2)(A), notwithstanding the requirements of § 24-11-215(d).
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Approved March 15, 2021.
Legislative Description
To Amend The Law Concerning Additional Allocations For Certain Underfunded Plans Of The Policemen's Pension And Relief Fund And Firemen's Relief And Pension Fund.
Last Action
Notification that HB1008 is now Act 347
3/15/2021