(a) A Future Supplement Fund is created for the purpose of providing cost-of-living assistance and minimum-benefit-amount assistance to policemen's pension and relief funds and firemen's relief and pension funds.
(b) The Future Supplement Fund shall be administered by the Arkansas Fire and Police Pension Review Board.
(c) Each year the Future Supplement Fund shall receive moneys from the premium tax allocation under § 24-11-214 based on the total of the amounts listed in subdivision (d)(1) of this section.
(d)
(1) Beginning on June 30, 2019, and continuing on June 30 of each following year, the Future Supplement Fund may distribute to local policemen's pension and relief funds and local firemen's relief and pension funds to pay retired members, beneficiaries, or members of a deferred retirement option plan the following:
(A) Two thousand two hundred and forty dollars ($2,240) to each retired member, beneficiary, or member of the deferred retirement option plan of a policemen's pension and relief fund;
(B) One thousand six hundred and twenty dollars ($1,620) to each retired member, beneficiary, or member of the deferred retirement option plan who was a paid member of a firemen's relief and pension fund; and
(C) Three hundred dollars ($300) to each retired member or beneficiary who was a volunteer member of a firemen's relief and pension fund.
(2) Beginning on June 30, 2020, and continuing each following year, the amounts listed in subdivision (d)(1) of this section shall be increased by a two-and-five-tenths-percent compound cost-of-living adjustment.
(3) Beginning on June 30, 2020, and continuing each following year, the amount distributed to a paid member of the firemen's relief and pension fund shall be increased in seven (7) installments until the amount, beginning on June 30, 2026, is equal to the amount distributed to each member of the policemen's pension and relief fund.
(e) At the time that there are no longer any members covered by local policemen's pension and relief funds and local firemen's relief and pension funds, any remainder of the Future Supplement Fund shall be transferred to the Arkansas Local Police and Fire Retirement System to be used solely by a covered employer to defray the covered employer's employer contribution costs to the system.
(f) The Arkansas Fire and Police Pension Review Board may use an amount allocated in previous years that has not been distributed for the Future Supplement Fund to:
(1) Ensure the distribution of an amount listed in subdivision (d)(1) of this section; and
(2) Help offset a reduction described in § 24-11-215.