HB1118

House Bill 1118 transfers the administrative authority for managing premium tax funds and pension supplement programs from the Arkansas Fire and Police Pension Review Board to the Arkansas Department of Finance and Administration (DFA). The bill amends multiple sections of the Arkansas Code to substitute the board with the department regarding the administration of the Policemen’s Pension Supplement Program and the Future Supplement Fund. It also updates language concerning actuarial expenses, the certification of fund allocations to cities and fire protection districts, and the authority to promulgate rules. The bill repeals a requirement for the Board to certify underfunded pension plan amounts to the Chief Fiscal Officer, instead shifting administrative oversight to the DFA. Finally, the bill includes an emergency clause, declaring that the transfer is necessary for financial security and efficiency, with an effective date of July 1, 2025.