Section 24-11-216 - Minimum asset management standards(a) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the minimum asset management standards established under this section.(b)(1) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall be deemed to have met the minimum asset management standards if: (A) The local firemen's relief and pension fund or the local policemen's pension and relief fund has a legally constituted board of trustees under §§ 24-11-405 and 24-11-801;(B) The board of trustees of the firemen's relief and pension fund or the board of trustees of the local policemen's pension and relief fund meets at least two (2) times annually;(C) The local firemen's relief and pension fund or the local policemen's pension and relief fund is actuarially sound as defined by the Arkansas Fire and Police Pension Review Board;(D)(i) The rate of return earned by the local firemen's relief and pension fund or the local policemen's pension and relief fund over the most recent three-year period is at least equal to the rate of return for one-year United States Treasury notes over the most recent three-year period.(ii) A higher standard for rate of return may be set by rule of the Arkansas Fire and Police Pension Review Board; and(E) The local firemen's relief and pension fund or the local policemen's pension and relief fund has been in compliance with this subchapter under § 24-11-202 in two (2) of the past three (3) years.(2) A local firemen's relief and pension fund or a local policemen's pension and relief fund shall meet the requirements of this section on or before December 31, 2008, and each year thereafter.(c) If the Arkansas Fire and Police Pension Review Board determines that a local firemen's relief and pension fund or a local policemen's pension and relief fund does not meet the minimum asset management standard under subsection (b) of this section, the Arkansas Fire and Police Pension Review Board shall: (1) Notify the local firemen's relief and pension fund or the local policemen's pension and relief fund and the sponsoring municipality of the local firemen's relief and pension fund or the local policemen's pension and relief fund of that fact and advise the local firemen's relief and pension fund or the local policemen's pension and relief fund of the steps necessary to comply with the standards; and(2) Require the local firemen's relief and pension fund or the local policemen's pension and relief fund to: (A) Establish a written investment policy that incorporates the rate of return established under subdivision (b)(1)(D) of this section and other requirements in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board; and(B) Obtain professional investment management in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.(d) If the local firemen's relief and pension fund or the local policemen's pension and relief fund or its sponsoring municipality does not comply with subsection (c) of this section within six (6) months of the notification by the Arkansas Fire and Police Pension Review Board, then the local firemen's relief and pension fund or the local policemen's pension and relief fund shall develop a written plan of action in conjunction with the Arkansas Fire and Police Pension Review Board in accordance with rules promulgated by the Arkansas Fire and Police Pension Review Board.(e) The Arkansas Fire and Police Pension Review Board shall promulgate rules necessary to implement the provisions of this section.Acts 2007, No. 851, § 1; 2009, No. 654, § 5.