This bill amends the laws governing the management of premium taxes related to municipal fire and police pension funds in Arkansas. It repeals the requirement for the Arkansas Fire and Police Pension Review Board to certify funding recommendations for disbursement to underfunded municipal plans. Instead, the administration of these funds will be transferred to the Department of Finance and Administration. The bill also updates various sections of the Arkansas Code to reflect this change, including the administration of the Arkansas Policemen's Pension Supplement Program and the Future Supplement Fund, which will now be managed by the Department rather than the Board.

Additionally, the bill establishes new procedures for the certification of tax revenues and the allocation of funds, ensuring that the Department of Finance and Administration will oversee the distribution and management of these funds. An emergency clause is included, stating that the changes are necessary for financial security and efficiency, with an effective date set for July 1, 2025. This transition aims to enhance the management of premium taxes collected for the benefit of municipal firemen's and policemen's pension and relief funds.

Statutes affected:
Old version HB1118 Original - 1-14-2025 11:49 AM: 24-11-203(k), 24-11-211(a), 24-11-211(b), 24-11-211(f), 24-11-212(b), 24-11-212(f), 24-11-213(b), 24-11-214(b), 24-11-214(c), 24-11-214(f), 24-11-214(h), 24-11-214(l), 24-11-215(c), 24-11-217(c)
Old version HB1118 V2 - 2-5-2025 09:29 AM: 24-11-203(k), 24-11-211(a), 24-11-211(b), 24-11-211(f), 24-11-212(b), 02-05-2025, 24-11-212(f), 24-11-213(b), 24-11-214(b), 24-11-214(c), 24-11-214(f), 24-11-214(h), 24-11-214(l), 24-11-215(c), 24-11-217(c)
HB 1118: 24-11-203(k), 24-11-211(a), 24-11-211(b), 24-11-211(f), 24-11-212(b), 24-11-212(f), 24-11-213(b), 24-11-214(b), 24-11-214(c), 24-11-214(f), 24-11-214(h), 24-11-214(l), 24-11-215(c), 24-11-217(c)