Ark. Code Ann. § 24-12-202: Authority to employ investment advisor - Investment policy

(a) A board of trustees of a city nonuniformed employees' pension plan with assets in excess of one hundred thousand dollars ($100,000) may employ an investment advisor as its agent to make investment recommendations and to invest the assets pursuant to a written board investment policy, provided that the governing body of the city declares such services professional services under § 19-11-806 [repealed], and subject to the terms, conditions, limitations, and restrictions imposed by law upon investments of state retirement systems as set forth in §§ 24-2-610 - 24-2-619 .

(b) The investment policy shall not limit the investments to interest-bearing bonds.