Bill > HB1118

This bill transfers administrative responsibilities for police and fire pension programs from the Arkansas Fire and Police Pension Review Board to the Department of Finance and Administration. The key changes include shifting management of the Policemen's Pension Supplement Program, the Future Supplement Fund, and related premium tax allocations to the new department. Specifically, the department will now be responsible for certifying tax revenues, calculating actuarial costs, administering fund transfers, and making payments to eligible retired police officers and survivors. The bill also adjusts the administrative fee structure, limiting the department to no more than 1% of the Firemen's and Police Officers' Pension and Relief Fund for administrative and actuarial expenses. An emergency clause is included, declaring the change necessary for financial security and efficiency, with the act set to become effective on July 1, 2025, to allow for a structured transition of administrative responsibilities.

Labor and Employment

https://arkleg.state.ar.us/Bills/Detail?id=hb1118&ddBienniumSession=2025%2F2025R