(a) The Plan Administrator of the Arkansas Local Police and Fire Retirement System shall operate the Arkansas Local Police and Fire Retirement System and interpret § 24-10-101 et seq. consistent with the Internal Revenue Code of 1986, 26 U.S.C. § 1 et seq., as it existed on January 1, 2011, and applicable United States Department of the Treasury Regulations, as they existed on January 1, 2011, necessary to allow the system to be operated as a “qualified trust” under the Internal Revenue Code of 1986, 26 U.S.C. § 401(a), as it existed on January 1, 2011.
(b) Notwithstanding any language to the contrary under this chapter, the Board of Trustees of the Arkansas Local Police and Fire Retirement System may promulgate rules consistent with this section.
(c) Any rule or portion of a rule promulgated under this section that is found by a court of competent jurisdiction to be in conflict with an applicable provision of the Internal Revenue Code of 1986, as it existed on January 1, 2011, shall be promptly corrected.