This bill amends the laws governing the management of premium taxes related to municipal firemen's relief and pension funds and policemen's pension and relief funds in Arkansas. It repeals the requirement for the Arkansas Fire and Police Pension Review Board to certify funding recommendations for disbursement to underfunded plans, transferring this responsibility to the Department of Finance and Administration. The bill also updates various sections to reflect this administrative change, including the management of the Arkansas Policemen's Pension Supplement Program and the Future Supplement Fund, which will now be administered by the Department of Finance and Administration instead of the Board.

Additionally, the bill includes an emergency clause, stating that the changes are necessary for financial security and efficiency in managing premium taxes. The act is set to take effect on July 1, 2025, allowing for a structured transition to the new administrative framework. The amendments aim to streamline the process and ensure that funds are allocated appropriately to support the pension and relief programs for municipal fire and police services.

Statutes affected:
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)
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)
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)
Act 151: 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)