11607RESOLUTION NO. 11,607
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2 A RESOLUTION TO APPROVE, PURSUANT TO ACT 1372 OF
3 2003, THE CONTINUED EMPLOYMENT OF MEMBERS OF
4 THE DEFERRED RETIREMENT OPTION PLAN ( "DROP ") FOR
5 THE LITTLE ROCK POLICE PENSION AND RELIEF FUND AT
6 THE CONCLUSION OF THE DROP PERIOD; AND FOR OTHER
7 PURPOSES.
9 WHEREAS, Act 1372 of 2003 provides that members of the Deferred
to Retirement Option Plan ( "DROP ") for Police Pension and Relief Funds may
11 remain employed
at the conclusion of
the
DROP period upon approval by a
12 majority vote of
the governing body
of
the sponsoring municipality after
13 receiving approval for an increase in benefits under Ark. Code Ann. § 24 -11 -102;
14 and
is WHEREAS, on July 10, 2003, the Board of Trustees of the Little Rock Police
16 Pension and Relief Funds approved a motion to request the Board of Directors to
17 approve the implementation of Act 1372.
is NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF
19 DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS:
20 Section 1. The Board of Directors hereby approves the continued
21 employment of members of the Little Rock Police Pension and Relief fund whose
[PAGE 1 OF 21
Resolution
DROP Police Act 1372
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participation in the DROP plan has concluded, subject to the requirements of Act
1372 of 2003.
Section 2. Findings. The Board has received approval of a benefit increase
from the Arkansas Pension Review Board pursuant to Ark. Code Ann. § 24 -11-
102. (See letter attached)
Section 3. Severability. In the event any title, section, paragraph, item,
sentence, clause, phrase, or word of this resolution is declared or adjudged to be
invalid or unconstitutional, such declaration or adjudication shall not affect the
remaining portions of the resolution, which shall remain in full force and effect
as if the portion so declared or adjudged invalid or unconstitutional was not
originally a part of the resolution.
Section 4. Repealer. All ordinances, resolutions, bylaws, and other matters
inconsistent with this resolution are hereby repealed to the extent of such
inconsistency.
ADOPTED: September 30, 2003
n ATTEST:
19 N na cy od, City Clerk
20 APPROVED AS TO LEGAL FORM:
21 `,(
23 Thomas M. Carpenter, 04 Attorney
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Resolution
DROP Police Act 1372
APPROVED:
Jim ailey, Mayor