(a) All assets of the State Police Retirement System are transferred to the Arkansas Public Employees' Retirement System to hold in trust for the State Police Retirement System.
(b) There is created under the Arkansas Public Employees' Retirement System a division that shall be known as the “State Police Trust Fund”.
(c)
(1) The State Police Trust Fund shall not be treated as segregated funds but shall be commingled with the assets of the Arkansas Public Employees' Retirement System strictly for investment purposes.
(2) The assets shall be managed solely for the benefit of the retirees and beneficiaries of the State Police Retirement System and shall not be divested from the Arkansas Public Employees' Retirement System unless it can clearly be demonstrated it would be actuarially and fiscally prudent to do so.
(d)
(1) As employer, the Department of Arkansas State Police shall make contributions to the State Police Trust Fund based on a percentage of each active state police officer's salary at the rate established to fund the State Police Retirement System's benefit program before July 1, 2009.
(2) All other sources of revenue commonly accruing to the State Police Retirement System shall be payable to the State Police Trust Fund.
(e) The Board of Trustees of the State Police Retirement System, the Board of Trustees of the Arkansas Public Employees’ Retirement System, and administrative staff shall be immune from any suit or action based in whole or in part on the transfer of assets contemplated by this act.
Structure Arkansas Code
Title 24 - Retirement And Pensions
Chapter 4 - Arkansas Public Employees' Retirement System
Subchapter 7 - Provisions Applicable to Particular Employees
§ 24-4-723. Members joining at same time as employer — Current service credit
§ 24-4-724. Members joining after employer — Current service credit
§ 24-4-727. War Memorial Stadium Commission employees
§ 24-4-729. Conservation district employees
§ 24-4-732. Certain employees of state agencies — Early retirement incentives
§ 24-4-733. Certain county employees — Early retirement incentives
§ 24-4-737. Certain city attorneys — Credited service
§ 24-4-739. Municipal employees
§ 24-4-742. Credit for service with various local units of government
§ 24-4-743. Intergovernmental Juvenile Detention Council employees
§ 24-4-744. Elected county official
§ 24-4-745. General Assembly employees
§ 24-4-746. Authority to promulgate rules
§ 24-4-747. Erroneous membership of certain employees
§ 24-4-748. Dual full-time employment
§ 24-4-749. Purchase of out-of-state governmental service