About — Our Investigation, Approach, and Frequently Asked Questions

Public records. Arkansas law. Fiduciary accountability. That's the whole campaign.

4 min read

Our mission

Arkansans for Pension Integrity (API) is a grassroots campaign using public records and Arkansas law to hold pension decision-makers accountable to the fiduciary standards they are required to follow. When investment decisions bypass independent analysis and override internal staff recommendations, pension beneficiaries deserve answers.

Our approach

We believe the strongest advocacy is built on evidence, not rhetoric. Our campaign rests on three pillars:

Public records research. We have filed four rounds of Freedom of Information Act requests — 12 requests across four rounds to eight state entities. Six are public pension systems: ATRS, APERS, ASHERS, ASPRS, AJRS, and LOPFI. Two are non-pension state offices included for the conduit and origin chain documented in the records: the State Treasury and the Auditor of State. We have analyzed more than 1,200 public records. Five of six pension agencies have responded; a FOIA request to the sixth (AJRS, the Arkansas Judicial Retirement System) was filed May 8, 2026 and acknowledged same-day by APERS Staff Attorney Richmond Giles — the single attorney handling FOIA correspondence for both pension systems. Production deadline extended to May 15, 2026 by mutual agreement; response pending. ASHERS (Arkansas State Highway Employees’ Retirement System) delivered five documents in Round 3, revealing that the bond issuer’s sales leadership pitched ASHERS through the same April 2025 tour but ASHERS declined to invest. ASPRS (Arkansas State Police Retirement System) confirmed no responsive documents — its assets are commingled with APERS under Act 1242 of 2009. LOPFI (Local Police and Fire Retirement System) confirmed no responsive records and no current holdings of the bonds under investigation (April 9, 2026); LOPFI manages its own investments independently with approximately $3.15 billion under management. Every claim we make is sourced from these documents and other public information. FOIA requests are a fundamental right under Arkansas law, and we exercise that right to ensure Arkansans can see how their pension dollars are being managed.

Fiduciary-first framing. We lead with financial analysis and legal standards, not political arguments. Arkansas law requires that pension investments be made based solely on “pecuniary factors” — financial merit. That’s the standard we hold decision-makers to. Our questions are straightforward: Was an independent credit analysis performed? Were internal staff recommendations followed? Does the investment process meet the prudent-investor standard? These are the questions the law requires pension fiduciaries to answer.

Coalition building. Pension accountability isn’t a partisan issue — it matters to every Arkansan whose retirement depends on sound investment decisions. We work to build a broad coalition of educators, public employees, retirees, and concerned taxpayers across the state. When 140,000 ATRS members and tens of thousands of APERS members have a shared interest in how their retirement savings are managed, the campaign for transparency becomes a shared cause.

What we’re asking for

Our asks are narrow, legislative, and rooted in existing Arkansas law:

1. Pension transparency legislation — Support the Pension Investment Transparency Act for the 2027 Arkansas legislative session, requiring independent credit analysis, consultant independence, liquidity risk disclosure, and documented financial rationale before pension boards commit members’ retirement funds to non-tradable sovereign debt. Read the full policy brief →
2. Transparency — Publish the financial analysis that justifies these investments, comparing risk, return, and liquidity against comparable alternatives. See the financial profile →
3. Process review — Document and explain how recent authorizations complied with Arkansas’s pecuniary-only standard under Act 498 of 2023 and the established manager-driven investment process.

Frequently asked questions

Isn’t this about politics?

No. This is about fiduciary duty and financial risk. Arkansas law requires that pension investments be made based on “pecuniary factors” — financial merit. Neither pension board produced an independent credit analysis before authorizing these purchases. The ATRS Board Chair dissented, warning the process departed from standard practice. Public officials celebrated the investment as a political statement rather than a financial one. And the State Treasurer’s own senior investment staff had already flagged the credit risk in late 2024 — context the pension boards had every reason to weigh. There are legitimate questions about whether the law’s fiduciary standard was met. We’re asking those questions.

What investment are we investigating?

Our investigation focuses on non-marketable foreign sovereign debt — bonds issued by a foreign government that cannot be sold on any secondary market. Unlike most bonds, pension funds that purchase these instruments are locked in until maturity, unable to exit the position if conditions change. All three major credit rating agencies (Moody’s, S&P, and Fitch) have downgraded the issuing country’s credit since 2024. For a detailed financial profile, see our glossary. For the full fiduciary analysis, see our issue explainer.

Why does this matter for my pension?

Even though the sovereign bond allocations are a small percentage of each fund’s total assets, the process concerns are significant. If investment decisions can be made through political channels — bypassing independent analysis and overriding internal staff recommendations — what stops it from happening again with a larger amount or a different investment? The fiduciary standards exist to protect your retirement from exactly this kind of decision-making.

Are you calling for a boycott?

No. We are not asking pension boards to buy or sell any specific investment. We are asking the Arkansas legislature to require independent credit analysis before pension funds commit to non-tradable sovereign debt. The Pension Investment Transparency Act would establish the same documented due diligence standard for sovereign debt that already applies to other investment classes.

Is it legal to file FOIA requests and question state investment decisions?

Absolutely. Freedom of Information Act requests are a fundamental right under Arkansas law (Ark. Code § 25-19-101 et seq.). Asking elected officials and appointed trustees to account for their investment decisions is exactly what pension oversight laws are designed to enable. There is nothing unusual or adversarial about pension beneficiaries asking how their money is being managed.

How is this campaign funded?

Arkansans for Pension Integrity operates on a shoestring budget through small donations. We have no institutional funding and no paid staff. This is a volunteer-driven campaign.

How can I help?

Take action today — sign on in support, contact your legislators about the Pension Investment Transparency Act, attend a board meeting, or volunteer with the campaign.

Contact

Email: info@arpensions.org

Arkansans for Pension Integrity (API) is a grassroots Arkansas campaign for pension transparency and fiduciary accountability.