Home Table of Contents

137.00.1-3. Annual Disclosures of the Financial Activities Local Plans

AR ADC 137.00.1-3Arkansas Administrative Code

West's Arkansas Administrative Code
Title 137. Lopfi-Local Police and Fire Retirement System
Division 00.
Rule 1. Arkansas Fire & Police Pension Review Board Rules and Regulations
Ark. Admin. Code 137.00.1-3
137.00.1-3. Annual Disclosures of the Financial Activities Local Plans
Currentness
Pursuant to Act 700 of 1979, as amended, each Local Plan is required annually to compile a financial report of the Local Plan. These annual financial reports must be filed with the PRB.
1. Financial reports, including the required personnel data, shall be filed with the PRB no later than March 31 of each year for the previous calendar year. The Executive Director may extend this date in writing, but in no case, will this date be extended beyond May 15. The failure of a Local Plan to submit this information by this date may result in the loss of premium tax allocations to the Local Plan and the location sponsoring the Local Plan as described in PRB Rule 12.
2. Financial reports will be made in the manner and format supplied by the PRB.
3. Each financial report shall include at least the following:
1) The Local Plan's revenues and expenditures during the year. The revenues exhibit shall allow at least the annual total for each of the following items:
(a) Employee contributions
(b) Employer contributions, from State
(c) Employer contributions, other
(d) Investment Income
1. Interest and dividends
2. Gain or (loss) on sales
3. Other (specify)
4. Total of 1+2+3
(e) Other (specify)
(f) Total (a) through (e)
The expenditures exhibit shall show at least the annual total for each of the following items:
(a) Refunds of employee contributions
(b) Benefits paid
(c) Administrative expenses
(d) Other (specify)
(e) Total (a) through (d)
The difference between revenues and expenditures is the change in plan reserve assets for the year.
2) The plan reserve assets exhibit at year-end shall show at least the total for each of the following items:
(a) Cash and bank checking account (non-interest bearing)
(b) Bank deposits, interest earning
(c) Savings and loan deposits, interest earning
(d) Other cash equivalents, maturing one (1) year or less
(e) USA Government securities
(f) Mortgages
(g) Corporate bonds
(h) Corporate common stock
(i) Other (specify)
(j) Total (a) through (i)
The asset values shall be cost values or amortized cost values. If corporate common stock is held, there shall also be shown separately the year-end market value of such stock.
3) The accumulated employee contributions at year-end of all non-retired covered employees.
4) The chair of the local board of trustees shall certify that all information contained in the report is an accurate reflection of the financial activities of the Local Plan. The PRB may add additional certifications as part of the annual financial report.
5) The staff of the PRB may refuse to accept financial reports in which the reported balances do not reconcile or which are incomplete, and the staff may require the Local Plan to submit corrected or new reports. A Local Plan will not be shown as having reported for the year until an adequate report has been accepted by the PRB staff. Staff refusal to accept inadequate or incorrect reports will be subject to review by the PRB if requested in writing by the Local Plan.

Credits

Adopted Feb. 16, 1983; Amended June 30, 1986; Amended Nov. 26, 1995; Amended Sept. 17, 1999; Amended Mar. 16, 2006; Amended June 21, 2007; Amended Dec. 4, 2008. Amended Jan. 1, 2015.
Current with amendments received through February 15, 2024. Some sections may be more current, see credit for details.
Ark. Admin. Code 137.00.1-3, AR ADC 137.00.1-3
End of Document