(a)
(1) There is created the Arkansas Policemen's Pension Supplement Program, to be administered by the Arkansas Fire and Police Pension Review Board.
(2) As used in this section, “retired police officers” includes:
(A) Police officers who are retired from active service; and
(B) Police officers who remain actively employed while participating in the Arkansas Police Officers' Deferred Retirement Option Plan under a policemen's pension and relief fund.
(b)
(1) The Policemen's Pension Supplement Program Fund is created to provide a state fund to provide financial assistance to certain retired police officers and their survivors who are receiving pensions from policemen's pension and relief funds.
(2) The Policemen's Pension Supplement Program Fund shall be funded by that portion of those unallocated premium taxes levied on insurers for the support of police retirement programs that is transferred to the control of the board under § 24-11-215(c).
(c)
(1) The board shall administer the program and make the payments called for under the program, including formulating necessary rules, procedures, and forms.
(2) The board may retain one percent (1%) of the funds transferred for administrative expenses of the program.
(d) Retired police officers and their survivors are eligible for the pension supplement under this program as follows:
(1) A retired police officer or a survivor receiving retirement benefits from a local policemen's pension and relief fund of less than four hundred dollars ($400) per month shall receive a supplement under the program in an amount equivalent to raise his or her total benefits plus the supplement to four hundred dollars ($400) per month or the amount in subdivision (d)(2) of this section, whichever is greater; and
(2) A retired police officer or a survivor currently receiving retirement benefits from a local policemen's pension and relief fund of four hundred dollars ($400) or more per month shall receive a supplement under the program of fifty dollars ($50.00) per month.
(e) The payment shall be treated for all purposes as a supplement to the retirement benefits received by the person.
(f) On or after July 1 of each fiscal year following the board's payments required by subsection (e) of this section, the board shall pay to the State Treasury the amounts transferred to the board under § 24-11-215(c) that exceed the amounts the board is required to pay under the program.
(g)
(1) The program is effective July 1, 1999.
(2) The first payments may be made under the program beginning July 31, 1999, and the first transfer under § 24-11-215(c) shall occur on July 25, 1999, and on each July 25 thereafter.