(a)

1. (1) If a local plan does not meet the minimum asset management standards and then does not create a written investment policy and hire professional investment management within six (6) months of notification, then they must file a written plan of action.
2. (2) The written plan of action must be developed in conjunction with the Arkansas Fire and Police Pension Review Board and its staff.

3. (3) The written plan of action will at a minimum address the following items:

   1. (A) A measurable plan to attain the four (4) defining points of the minimum asset management standards;
   2. (B) A timeline for meeting the standards; and
   3. (C) Methods for reviewing and updating the written plan of action.