Pension Review Board

PRB Overview

The Arkansas Fire and Police Pension Review Board (PRB) is a regulatory board that enforces Arkansas laws governing locally administered local fire and police pension funds (Local Plans).  The PRB monitors the funding and legal level of benefit payments for each Local Plan. 

The Board has 9 voting members: Employers have 3 representatives; each employee group has 2 representatives (2 firefighters and 2 police officers); the public has 1 representative; and the Director of Finance and Administration or designee. 

Reports

Annual Audit Report

2025 Independent Auditor's Report

Local Plans Summary of Valuations

2025 Summary of Valuations

Procedure for Increasing Benefits for a Locally Administered Local Plan

Arkansas law requires a locally administered local fire or police pension plan to process benefit increase requests through the Arkansas Fire and Police Pension Review Board (PRB). The PRB accepts benefit increase requests from April 1^st through September 30^th. If the PRB does not receive all required items, including payment for the benefit increase valuation fee, by the September 30^th date, the Local Plan will be required to wait until the following calendar year to proceed with the request. The following steps provide guidance for a benefit increase request. 

• First, the Local Plan board of trustees must adopt a resolution stating the amount of the proposed increase (in $5 increments for volunteer Local Plans) and to whom it would apply - current retirants; future retirants; surviving spouses/children; etc. At least 6 of the 7 trustees must approve and sign the resolution. Minutes of the same board meeting the resolution was adopted showing which trustees voted for/against the increase must be sent with the resolution to the PRB. The Local Plan shall ensure the minutes are accurate.

• Once the PRB receives the properly completed resolution and minutes, the Local Plan will be invoiced for the valuation fee. Actuarial work will begin after payment is received for the valuation fee.

• For non-standard Local Plans, the valuation fee is $900 for the first proposal and $500 for each additional proposal in the resolution. A Local Plan may also ask if the first proposal cannot be approved, for the actuary to determine the highest amount permitted i.e. a "random search" valuation. The random search valuation fee is $1,400.
  

• An alternate cash flow valuation may also be used.  However, this type of benefit increase valuation entails a considerable amount of support documentation to be provided to the PRB and requires the Local Plan to be in a well-funded condition.  An alternate cash flow valuation fee is $3,500.

• Benefit increase valuations take approximately four (4) weeks to complete. The executive director shall certify whether or not the benefit increase is approved. The Local Plan board of trustees must file a copy of the benefit increase resolution, actuarial valuation, and the executive director's certification with the circuit and city clerk's office of the county/city where the Local Plan is located.

PRB Rules 2 and 4 provide greater details on benefit increases (see PRB Rules).

Locally Administered Local Plan Annual Financial Disclosure

Arkansas law requires each locally administered Local Plan to disclose its annual financial activity to the PRB.  Details for the annual financial reporting are described in PRB Rule 3.

All Premium Tax may be forfeited for any Local Plan and its sponsoring location that does not satisfy the reporting requirements.