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*SOLUTION NO.
9,531 0
A RESOLUTION APPROVING THE EXTENSION OF
THE DEFERRED RETIREMENT OPTION PLAN OF THE
LITTLE ROCK POLICEMEN'S PENSION AND RELIEF
FUND FROM FIVE (5) YEARS TO A MAXIMUM OF TEN
(10) YEARS OF ADDITIONAL SERVICE; AND FOR
OTHER PURPOSES.
WHEREAS, Act 757 of 1993 authorized local policemen's pension and relief
funds to offer a deferred retirement option plan (DROP) to their members, and the
Little Rock Policemen's Pension and Relief Fund subsequently elected to offer the
DROP benefit to its members; and
WHEREAS, Act 961 of 1995 authorized local policemen's pension and relief
funds to extend the period for the DROP benefit from five to ten years if the extension
was approved by a majority of the board of trustees for the local plan and a majority of
the governing board of the sponsoring municipality; and
WHEREAS, the Board of Trustees of the Little Rock Policemen's Pension and
Relief Fund have approved the extension of its DROP benefit from five to ten years,
subject to the approval of the Board of Directors.
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF
THE CITY OF LITTLE ROCK, ARKANSAS:
SECTION 1. The Little Rock Policemen's Pension and Relief Fund is hereby
authorized to extend its deferred retirement option plan (DROP) benefit from five to
ten years in accordance with the provisions of Act 961 of 1995.
596
1 ADOPTED: November 7, 1995
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ATTEST:
ROBBIE RAN • � •
C17V CLERIC
APPROVED AS TO FORM:
do/t kc-t t- " w � 1b.L
THOMAS M. CARPENTE
CITY ATTORNEY
APPROVED:
JIM PAILEY —J
MAYOk
591