Section 24-10-103 - Tax exemption(a) The benefits payable by, and the assets of, the Arkansas Local Police and Fire Retirement System are exempt from taxes by the state or any political subdivision or agency thereof.(b) The system shall be treated in the same manner as the Civil Service Retirement System for purposes of federal taxation.Acts 1981, No. 364, § 7; A.S.A. 1947, § 12-3808.