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02%27/95 15: 50 V501682 1956 <br /> LEGISLATIVE RES ' <br /> --- --- ��io_ oo4 <br /> As Lngnssed: 2124195 <br /> 1 Scan of Arkansas ^ <br /> 2 80th General Assembly A B m <br /> 3 Regular Session, 1995 SENATE BULL 420 <br /> 4 By: Senator Bell <br /> 5 <br /> 6 <br /> 7 For An Act To Be Entitled <br /> 8 "AN ACT TO PROVIDE THAT MUNICIPAL POLICE RETIREMENT <br /> 9 SYSTEMS WHICH NO LONGER ACCEPT MEMBERS MAY BUY OUT THE <br /> 10 BENEFICIARIES OR OTHERWISE PKOVIDE FOR THE BENEFICIARIES <br /> 11 AND THEREAFTER BE DISSOLVED; AND FOR OTHER PURPOSES." <br /> 12 <br /> 13 Subtitle <br /> 14 "TO PROVIDE THAT MUNICIPAL POLICE <br /> 15 RETIREMENT SYSTEMS WHICH NO LONGER <br /> 16 ACCEPT MEMBERS MAY BUY OUT THE <br /> 17 BENEFICIARIES OR OTHERWISE PROVIDE FOR <br /> 18 THE BENEFICIARIES AND THEREAFTER BE <br /> 19 DISSOLVED." <br /> 20 <br /> 21 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF ARKANSAS: <br /> 22 <br /> 23 SECTION 1. Any first class city, second class city or Incorporated town <br /> 24 v-1th a municipal police retirement plan which Inas no members or which Is <br /> 25 overfunded as determined by an independent actuarial evaluation and no longer <br /> 26 accepts members map use the retirement funds to buy out the beneficiaries or <br /> 27 otherw-ise assure that the beneficiaries will receive all benefits to which <br /> Z8 entitled under the plan. Thereafter the city may by ordinance dissolve the <br /> 29 police retirement plan and transfer all surplus funds to the city treasury to <br /> 30 be used solely for capital I.mprovemeuts of the city. All r"=back funds from <br /> 31 insurance premium taxes or other sources which the municipal police retirement <br /> 32 plan or the city previously received to help fund the retirement plan shall <br /> 33 thereafter be remitted to the city to be used for retirement benefits for <br /> 34 uniformed and non-uniformed employees. <br /> 35 <br /> 36 SECTION 2. All provisiona of this act of a general and permanent nature <br /> 0203951033.mhfl98 <br />