Opinion No.

The Honorable Jerry Bookout State Senator P.O. Box 415 Jonesboro, AR 72401

Dear Senator Bookout:

This is in response to your request for an opinion regarding local fire pension and relief funds. You have asked the following specific questions in this regard:

1. Under A.C.A. 24-11-801, who has authority to vote on pension fund matters, and is everyone who holds a vote considered to be a fiduciary of the fund under pension fund laws ad the Prudent Investor Code?

2. If a member of a pension fund board of trustees is also an officer of a financial institution in which the pension fund board is…