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11865RESOLUTION NO. 11,865 A RESOLUTION TO APPROVE AN EXTENSION OF THE DEFERRED RETIREMENT OPTION PLAN FOR THE LITTLE ROCK FIREMEN'S RELIEF AND PENSION FUND FROM FIVE (5) YEARS TO TEN (10) YEARS; AND FOR OTHER PURPOSES. WHEREAS, Act 1369 of 2003 provides that the Deferred Retirement Option Plan ( "DROP ") for Firemen's Relief and Pension Funds may be extended from five (5) years to ten (10) years upon a vote of the governing body of the sponsoring municipality after receiving approval for an increase in benefits under Ark. Code Ann. § 24 -11 -102; and WHEREAS, on October 15, 2004, the Board of Trustees of the Little Rock Firemen's Relief and Pension Fund approved a Resolution to extend the duration of the Deferred Retirement Option Plan and refer the matter to the Little Rock Board of Directors for approval, after receiving the approval required in § 24 -11- 102. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE CITY OF LITTLE ROCK, ARKANSAS: Section 1. The Board of Directors hereby approves the extension of the Deferred Retirement Option Plan from five (5) years to ten (10) years for members of the Little Rock Firemen's Relief and Pension Fund. [PAGE 1 OF 21 Section 2. Findings. The Little Rock Firemen's Relief and Pension Fund 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 All ordinances, resolutions, bylaws, and other matters inconsistent with this resolution are hereby repealed to the extent of such inconsistency.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: November 23, 2004 ATTEST: - �d Nancy Wood, City Clerk APPROVED: /,U0 k , " Jim Dailey, Ma or APPROVED AS TO LEGAL FORM: Thomas M. Carpenter, Ci Attorney [PAGE 2 OF 21