(a) (1) Beginning July 1, 2027, and thereafter, a sum shall be transferred each fiscal year from the Judges Retirement Fund to the Arkansas Public Employees' Retirement System as necessary for costs incurred by the Arkansas Public Employees' Retirement System in administering the Arkansas Judicial Retirement System.(2) The sum to be transferred shall be the percentage of the Arkansas Public Employees' Retirement System's total cost of administration calculated using a 50/50 weighted average of the Arkansas Judicial Retirement System's pro-rata percentage of total invested assets and pro-rata percentage of total membership.(3) The transfer request shall be made to the Chief Fiscal Officer of the State, and upon his or her approval, the transfer shall be made on the books of the:(A) Chief Fiscal Officer of the State;(B) Treasurer of State; and(C) Auditor of State.
(1) Beginning July 1, 2027, and thereafter, a sum shall be transferred each fiscal year from the Judges Retirement Fund to the Arkansas Public Employees' Retirement System as necessary for costs incurred by the Arkansas Public Employees' Retirement System in administering the Arkansas Judicial Retirement System.
(2) The sum to be transferred shall be the percentage of the Arkansas Public Employees' Retirement System's total cost of administration calculated using a 50/50 weighted average of the Arkansas Judicial Retirement System's pro-rata percentage of total invested assets and pro-rata percentage of total membership.
(3) The transfer request shall be made to the Chief Fiscal Officer of the State, and upon his or her approval, the transfer shall be made on the books of the:(A) Chief Fiscal Officer of the State;(B) Treasurer of State; and(C) Auditor of State.
(A) Chief Fiscal Officer of the State;
(B) Treasurer of State; and
(C) Auditor of State.
(b) (1) Beginning July 1, 2027, and thereafter, a sum shall be transferred each fiscal year from the State Police Retirement Fund to the Arkansas Public Employees' Retirement System as necessary for costs incurred by the Arkansas Public Employees' Retirement System in administering the State Police Retirement System.(2) The sum to be transferred shall be the percentage of the Arkansas Public Employees' Retirement System's total cost of administration calculated using a 50/50 weighted average of the State Police Retirement System's pro-rata percentage of total invested assets and pro-rata percentage of total membership.(3) The transfer request shall be made to the Chief Fiscal Officer of the State, and upon his or her approval, the transfer shall be made on the books of the:(A) Chief Fiscal Officer of the State;(B) Treasurer of State; and(C) Auditor of State.
(1) Beginning July 1, 2027, and thereafter, a sum shall be transferred each fiscal year from the State Police Retirement Fund to the Arkansas Public Employees' Retirement System as necessary for costs incurred by the Arkansas Public Employees' Retirement System in administering the State Police Retirement System.
(2) The sum to be transferred shall be the percentage of the Arkansas Public Employees' Retirement System's total cost of administration calculated using a 50/50 weighted average of the State Police Retirement System's pro-rata percentage of total invested assets and pro-rata percentage of total membership.
(3) The transfer request shall be made to the Chief Fiscal Officer of the State, and upon his or her approval, the transfer shall be made on the books of the:(A) Chief Fiscal Officer of the State;(B) Treasurer of State; and(C) Auditor of State.
(A) Chief Fiscal Officer of the State;
(B) Treasurer of State; and
(C) Auditor of State.
(c) As used in this section:(1) “Total invested assets” means the combined value of the investment assets of the Arkansas Public Employees' Retirement System, the Arkansas Judicial Retirement System, and the State Police Retirement System at the end of each fiscal year; and(2) “Total membership” means the combined number of active, inactive, and retired members covered by the Arkansas Public Employees' Retirement System, the Arkansas Judicial Retirement System, and the State Police Retirement System at the end of each fiscal year.
(1) “Total invested assets” means the combined value of the investment assets of the Arkansas Public Employees' Retirement System, the Arkansas Judicial Retirement System, and the State Police Retirement System at the end of each fiscal year; and
(2) “Total membership” means the combined number of active, inactive, and retired members covered by the Arkansas Public Employees' Retirement System, the Arkansas Judicial Retirement System, and the State Police Retirement System at the end of each fiscal year.