(a)
- (1) If the local plan does not meet the minimum asset management standards, it must create a written investment policy and hire professional investment management.
- (2) The Arkansas Fire and Police Pension Review Board will consider the local plan out of compliance if these are not provided to the board within six (6) months of notification.
- (b) A local plan will continue to be considered out of compliance with this law until a written plan of action is implemented by the local plan and accepted by the board.
- (c) A local plan that is out of compliance will risk the loss of all premium tax turnback for the local plan and the sponsoring location as provided by Arkansas law and 24 CAR § 20-1201 et seq.