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Home My WebLink About21473 1 ORDINANCE NO. 21,473 2 3 AN ORDINANCE TO AMEND LITTLE ROCK, ARK., ORDINANCE NO. 4 20,805 (OCTOBER 15, 2013), TO ALLOW FOR A ONE HUNDRED FIFTY 5 DOLLAR ($150.00) PER MONTH INCREASE IN BENEFITS TO 6 MEMBERS OF THE LITTLE ROCK POLICE PENSION AND RELIEF 7 FUND, NOW ADMINISTERED BY THE ARKANSAS LOCAL POLICE 8 AND FIRE RETIREMENT SYSTEM; TO AMEND THE AMORTIZATION 9 PERIOD; TO DECLARE AN EMERGENCY; AND FOR OTHER PUR- 10 POSES. 11 12 WHEREAS, in Little Rock,Ark., Ordinance No.20,805 (October 15,2013)("LRO No. 20,805"),the 13 Board of Directors of the City of Little Rock, upon request by the Board of Trustees of the Little Rock 14 Police Pension and Relief Fund,transferred the administration of the Little Rock Police Pension and Relief 15 Fund--which applies to eligible Police Officers who were hired by the Little Rock Police Department prior 16 to January 1, 1983,to the Arkansas Local Police and Fire Retirement System("LOPFI"); and, 17 WHEREAS, Section 4 of LRO No.20,805,made an initial monthly increase in benefits and permitted 18 a review every three(3)years regarding a possible additional increase or Cost of Living Adjustment; and, 19 WHEREAS, while State Statute requires that benefit increases follow State Law, this is no longer 20 completely possible due to the fact that the Board of Trustees of the Local Police Pension Fund was 21 disbanded, so based upon the representations of LOPFI and Section 5 of LRO No. 20,805, substitutes an 22 ordinance from the Board of Directors of the City of Little Rock to authorize such an increase; and, 23 WHEREAS, an Actuarial Study has been requested to assure that this increase in benefits can be 24 amortized over a twenty-two(22)-year period as set forth in Section 5 of LRO No.20,705,before the benefit 25 increase will become effective; 26 NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 27 OF LITTLE ROCK,ARKANSAS: 28 Section 1. Section 2 of LRO NO. 20,805 is hereby amended to read as follows: 29 Section 2. The City Manager is hereby authorized to enter into an irrevocable agreement, 30 using a twenty-two (22) year amortization schedule, with LOPFI to administer the Little 31 Rock Police Pension and Relief fund as stated in Section 1 hereof. 32 Section 2. Section 4 of LRO No. 20,805 is hereby amended to read as follows: 33 Section 4. The agreement with LOPFI shall include: [Page 1 of 3l 1 (a) An initial Seventy-Five Dollar ($75.00) per month benefit increase to all 2 retiree and survivor accounts,except alternate payees under a Qualified Domestic 3 Relations Order,beginning January 1, 2014; and, 4 (b) An additional One Hundred Fifty Dollar($150.00)per month benefit increase 5 to all retiree and survivor accounts, except alternate payees under a Qualified 6 Domestic Relations Order, beginning January 1, 2018. 7 Section 3. Section 5 of LRO No. 20,805 is hereby amended to read as follows: 8 Section 5. The Board of Directors commit to review and reconsider a Cost of Living 9 Adjustment(COLA) on a recurring three (3)-year basis following the consolidation until 10 the conclusion of the closed twenty-two (22)-year amortization period. Any Actuarial 11 Valuations conducted as a part of the review and reconsideration shall be made by an 12 Independent Actuary as required by State Law. 13 Section 4. Effective Date.Upon the passage of this ordinance,and the emergency clause,the effective 14 date of this benefit increase shall be January 1, 2018, provided that an appropriate actuarial evaluation is 15 made by the City and accepted by LOPFI. 16 Section 5. Severability. In the event any title, subtitle, section, subsection, subdivision, paragraph, 17 subparagraph,item,sentence,clause,phrase,or work of this ordinance is declared or adjudged to be invalid 18 or unconstitutional, such declaration or adjudication shall not affect the remaining portions of the ordinance 19 which shall remain in full force and effect as if the portion so declared or adjudged invalid or 20 unconstitutional was not originally a part of this ordinance. 21 Section 6. Repealer. All ordinances, resolutions, or parts of the same that are inconsistent with the 22 provisions of this ordinance are hereby repealed to the extent of such inconsistency including, but not 23 limited to,Little Rock,Ark., Ordinance No. 20,805 (October 15,2013). 24 Section 7. Emergency Clause. The ability to adequately provide retirement benefits for retired Little 25 Rock Police Officers and eligible survivors who, among other things, are not a part of the Federal Social 26 Security System for their work as Police Officers is essential to the public health safety and welfare and 27 this fact is exacerbated when certain deadlines set by LOPFI require this action during the month of 28 September before a benefit increase can occur the following January;further, the necessity to clarify the 29 period of amortization as twenty-two (22) years, instead of twenty-five (25) years, for the irrevocable 30 agreement between the City and LOPFI is also essential; an emergency is declared to exist and this 31 ordinance shall be in full force and effect from and after the date of its passage. 32 PASSED: September 5,2017 33 34 [Page 2 of 3] 1 ATTES • APPROVED: 2 \jl 3 Iiia of ,/ 4 i s .ley,City Clerk Mark Stodola,Mayor 5 AP' O ' S TO LEGAL FORM: 6 j 7 �� +�//t'e 7 8 Thomas M. Carpenter, City Attorne 9 // 10 // 11 // 12 // 13 // 14 // 15 // 16 // 17 // 18 // 19 // 20 // 21 // 22 // 23 // 24 // 25 // 26 // 27 // 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // [Page 3 of 3]