20805 1 ORDINANCE NO. 20,805
2
3 AN ORDINANCE TO TRANSFER ADMINISTRATION OF RETIREMENT
4 COVERAGE FOR ELIGIBLE MEMBERS OF THE LITTLE ROCK
5 POLICE PENSION AND RELIEF FUND TO THE ARKANSAS LOCAL
6 POLICE AND FIRE RETIREMENT SYSTEM (LOPFI) AND TO
7 AUTHORIZE THE CITY MANAGER TO ENTER INTO AN
8 IRREVOCABLE AGREEMENT WITH THE ARKANSAS LOCAL POLICE
9 AND FIRE RETIREMENT SYSTEM (LOPFI), AND FOR OTHER
10 PURPOSES.
11
12 WHEREAS, the Board of Trustees of the Little Rock Police Pension and Relief Fund has elected to
13 have its Pension Fund administered by LOPFI as stated by resolution dated September 19,2013; and,
14 WHEREAS, the Board of Trustees has requested by resolution that the City of Little Rock, Arkansas
15 act as its agent henceforth; and,
16 WHEREAS, the Board of Trustees of the Little Rock Police Pension and Relief Fund has elected to
17 include a Seventy-Five Dollar ($75.00) per month benefit increase to all retiree and survivor accounts
18 beginning January 1, 2014, upon the transfer of administration; and,
19 WHEREAS,the Board of Trustees of the Little Rock Police Pension and Relief Funds approval of the
20 assignment of administration is contingent upon a commitment from the City of Little Rock to review and
21 reconsider a Cost of Living Adjustment (COLA) on a reoccurring three (3)-year basis following the
22 consolidation until the conclusion of the closed twenty-five(25)-year amortization period;
23 NOW, THEREFORE, BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY
24 OF LITTLE ROCK,ARKANSAS:
25 Section 1. If accepted by LOPFI,the administration of the Little Rock Police Pension and Relief Fund
26 shall be transferred to LOPFI under authority of Act 364 of 1981, as amended. Such transfer shall mean
27 the administration of the Pension Fund only and not a change in the Pension Fund's benefit program unless
28 a benefit increase is approved by the City of Little Rock, Arkansas.
29 Section 2. The City Manager is hereby authorized to enter into an irrevocable agreement, using a
30 twenty-five(25)-year amortization schedule, with LOPFI to administer the Little Rock Police Pension and
31 Relief fund as stated in Section 1 hereof.
32 Section 4. The agreement with LOPFI shall include a Seventy-Five Dollar($75.00)per month benefit
33 increase to all retiree and survivor accounts beginning January 1, 2014;
[Page I of 21
1 Section 5. The Board of Directors commit to review and reconsider a Cost of Living Adjustment
2 (COLA)on a reoccurring three(3)-year basis following the consolidation until the conclusion of the closed
3 twenty-five (25)-year amortization period. Any actuarial valuations conducted as part of the review and
4 reconsideration shall be made by an independent actuary as required by state law.
5 Section 6. It is the intent of the Board of Directors and it is hereby ordained that the provisions of this
6 ordinance shall be codified into the Code of Ordinances of Little Rock, Arkansas and the sections thereof
7 may be re-numbered and re-lettered as necessary to accomplish such intention.
8 Section 7. Effective date. This ordinance shall be effective October 18,2013.
9 Section 8. Severability. In the event any section, subsection, subdivision, paragraph, subparagraph,
10 item, sentence, clause, phrase, or word of this ordinance is declared or adjudged to be invalid or
11 unconstitutional, such declaration or adjudication shall not affect the remaining provisions of this
12 ordinance,as if such invalid or unconstitutional provision were not originally a part of this ordinance.
13 Section 9. Repealer. All ordinances, resolutions, bylaws, and other matters inconsistent with this
14 ordinance are hereby repealed to the extent of such inconsistency.
15 Section 10. Emergency Clause. Unless the provisions of this ordinance are put into effect immediately,
16 the public health, safety and welfare of the citizens of Little Rock will be adversely affected; therefore, an
17 emergency is hereby declared to exist, and this ordinance shall be in full force and effect from and after its
18 passage.
19 PASSED: October 15,2013
20 : TEST: APPROVED:
21 I
22 ♦.,1.-- /
//L/ 1i
23 Susa L n' y,City Clerk Mark Stodola,IVrayor
24 APPR E AS TO LEGAL FORM:
25 ct
27 Thomas M. Carpenter, City Attorddy
28 //
29 //
30 //
31 //
32 //
33 //
34 //
[Page 2 of 2]