AR HB1118

Transfers administration of premium tax management for municipal fire and police pension funds from the Arkansas Fire and Police Pension Review Board to the Department of Finance and Administration

Shifts oversight of the Arkansas Policemen's Pension Supplement Program, Future Supplement Fund, and related fund distributions to the Department of Finance and Administration

Repeals the requirement for the Fire and Police Pension Review Board to certify funding recommendations for underfunded pension plans to the Chief Fiscal Officer by June 15 each year

Removes the requirement for approval by the Fire and Police Pension Review Board for additional allocations to underfunded policemen's and firemen's pension funds, requiring only that funds meet specified criteria

Takes effect July 1, 2025, under an emergency clause citing the need for improved financial security and administrative efficiency