The Arkansas Fire and Police Pension Review Board (PRB) was established by Act 381 of 1983. Its legal charge is to enforce Arkansas laws which govern funding of local fire and police pension funds, which were established by Act 491 of 1921 and Act 250 of 1937, respectively, and to enforce the legal level of benefit payments from each pension fund. The law also charges the Board with approving decisions of staff, who certify to them action to be taken on benefit increase requests made by a local pension fund.
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. Board members are appointed by the Governor and hold terms which are set by law. The Board must meet once a year, and may call other regular and special meetings at its discretion. These meetings are open to the public.
The law designates the executive director and staff of the Local Police and Fire Retirement System to serve the Pension Review Board.
The Board is authorized to make rules necessary to enforce the laws governing funding and benefit levels, and to withhold Premium Tax from a local pension fund when non-compliance with such laws are determined.