Arkansas Code
Subchapter 4 - Municipal Judges and Clerks — Counties with Population of 150,000
§ 24-8-409. Clerks' benefits — Actuarial valuations — Transfer of funds

(a) The city treasurer shall cause an actuarial valuation to be made of the additional liabilities created by § 24-8-408. In the event the actuary determines that the employee and employer contributions are actuarially insufficient to pay the benefits to retired municipal officers as provided by § 24-8-408, the city treasurer shall establish accounts and records to identify the estimated contributions and other income available to actuarially fund the members' benefits when they mature and the extent that the city's member liabilities will exceed the amount of employee and employer contributions and interest thereon.
(b)
(1) The city treasurer shall then calculate with the assistance of the actuary the amount of funds required annually to actuarially fund the additional unfunded liabilities created by § 24-8-408. He or she shall annually certify to the Chief Fiscal Officer of the State the amount required for the year to establish sufficient funds and reserves to meet the actuarial requirements of the additional benefits.
(2) The certificate of the Chief Fiscal Officer of the State shall reflect the amount of the annual extra payment to be charged against the municipality, based on the unfunded liabilities with respect to its official and employee members.

(c)
(1) The Chief Fiscal Officer of the State shall cause the amount so certified to be transferred from the Municipal Aid Fund, from general revenues allocated to that fund for turnback to cities, to the municipality for credit to the municipal court clerks' retirement fund.
(2) From the general revenues allocated thereto for turnback to municipalities, the Chief Fiscal Officer of the State shall deduct from the Municipal Aid Fund turnback to be received by the city an amount as computed pursuant to this section required to pay retirement benefits for its elected municipal clerk.
(3) The moneys to be transferred from the Municipal Aid Fund shall not be charged against the total of the Municipal Aid Fund moneys available for distribution to cities, since it is the intent of this section that each city shall pay annually, from its municipal aid general revenues turnback, the amount of money required to meet the unfunded liability deficit in behalf of its city employee members.

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