Title 24 — Retirement and Pensions
12 chapters · 740 sections in this title.
Ark. Code Ann. § 24-9-201 Legislative intent
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Authorized investments of moneys by the governing bodies of the various trust funds within this state are now provided by law. It is not the intent of this subchapter to change or prescribe the allowable investments in certificates of deposit, registered securities, or negotiable…
Ark. Code Ann. § 24-9-202 Definition
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As used in this subchapter, unless the context otherwise requires, “trust funds” means all assets and holdings of the various firemen’s relief and pension funds and policemen’s pension and relief funds of this state. In addition, other assets and holdings which are of a trust nat…
Ark. Code Ann. § 24-9-203 Applicability
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This subchapter shall apply to all funds as defined in § 24-9-202 and administered by any political subdivision of this state.
Ark. Code Ann. § 24-9-204 Employment of trust administrators
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(a) By board action, the board of trustees may employ a commercial firm normally engaged in providing trust services, if each employee of the trust department who handles the trust funds is covered by a good and sufficient fidelity bond, to act as the agent for the board of the t…
Ark. Code Ann. § 24-9-205 Bank accounts
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(1) When the governing body of a trust deposits money of that trust into a commercial bank account or into a trust account of a trust department of a bank or other firm normally engaged in providing trust services, the following minimum requirements must be met:(1) Funds must be …
Ark. Code Ann. § 24-9-206 Certificates of deposit
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(1) When a governing body of a trust shall decide to invest moneys belonging to the trust in certificates of deposit, the following conditions must be met:(1) The certificate of deposit must be issued in the name of the trust;(2) The certificate, when received, must be maintained…
Ark. Code Ann. § 24-9-207 Registered securities
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(a) (1) When the governing body of a trust decides to invest trust moneys in registered securities, all the securities purchased shall be issued in the name of the trust with at least the signatures of two (2) members of the board required for renegotiation of the securities.(2) …
Ark. Code Ann. § 24-9-208 Negotiable securities
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(a) When the board of trustees of a trust decides to invest trust moneys in negotiable securities, the board shall purchase the securities from reputable bonded dealers in those securities. (b) The board shall require the dealers to certify to the authenticity of the securities. …
Ark. Code Ann. § 24-9-209 Listing of securities
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(a) The board shall maintain a detailed listing of all securities owned by the trust. (b) Purchases and sales of securities shall be by official board action documented in the board minutes.