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Home My WebLink About22177 1 ORDINANCE NO. 22,177 2 3 AN ORDINANCE TO AMEND LITTLE ROCK, ARK., ORDINANCE NO. 4 21,639 (OCTOBER 16,2018),TO ALLOW FOR A TWO HUNDRED FIFTY 5 DOLLAR ($250.00) PER MONTH INCREASE IN BENEFITS TO 6 MEMBERS OF THE LITTLE ROCK FIREMEN'S RELIEF AND PENSION 7 FUND, NOW ADMINISTERED BY THE ARKANSAS LOCAL POLICE 8 AND FIRE RETIREMENT SYSTEM (LOPFI); TO AMEND THE 9 AMORTIZATION PERIOD; TO DECLARE AN EMERGENCY; AND FOR 10 OTHER PURPOSES. 11 12 WHEREAS, in Little Rock, Ark., Ordinance No. 21,639 (October 16, 2018), the Board of Directors 13 of the City of Little Rock, upon request by the Board of Trustees of the Little Rock Firemen's Relief and 14 Pension Fund, transferred the administration of the Little Rock Firemen's Relief and Pension Fund to the 15 Arkansas Local Police and Fire Retirement System("LOPFI"); and, 16 WHEREAS, Section 3 of Ordinance No. 21,639, made an initial monthly increase in benefits to all 17 retiree and survivor accounts beginning January 1,2019; and, 18 WHEREAS, Section 4 of Ordinance No. 21,639 committed the Board of Directors to review and 19 consider a benefit increase on a reoccurring three (3)-year basis following the consolidation until the 20 conclusion of the closed twenty-five(25)-year amortization period; and, 21 WHEREAS,while Arkansas State Statute requires that benefit increases follow Arkansas State Law, 22 this is no longer completely possible because the Board of Trustees of the Local Firemen's Relief and 23 Pension Fund was disbanded, so based upon the representations of LOPFI and Section 5 of Ordinance No. 24 21,639, substitutes an ordinance from the Board of Directors of the City of Little Rock to authorize such an 25 increase; and, 26 WHEREAS, an Actuarial Study has been received from LOPFI's Actuaries, Gabriel, Roeder, Smith 27 &Company,to assure that this increase in benefits can be amortized over a twenty-two(22)-year period as 28 set forth in Section 4 of Ordinance No. 21,639. 29 NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 30 OF LITTLE ROCK,ARKANSAS: 31 Section 1. Section 2 of Ordinance No.21,639, is hereby amended to read as follows: 32 Section 2. The City Manager is hereby authorized to enter into an irrevocable agreement, 33 using a twenty-two (22)-year amortization schedule, with LOPFI to administer the Little 34 Rock Firemen's Relief and Pension Fund as stated in Section 1 hereof. [Page 1 of 31 1 Section 2. Section 3 of Ordinance No. 21,639, is hereby amended to read as follows: 2 Section 4. The agreement with LOPFI shall include: 3 (a) An initial Two Hundred Fifty Dollar ($250.00) per month benefit increase to all 4 retiree and survivor accounts, except alternate payees under a Qualified Domestic 5 Relations Order,beginning January 1,2019;and, 6 (b) An additional Two Hundred Fifty Dollar($250.00) per month benefit increase to 7 all retiree and survivor accounts, except alternate payees under a Qualified Domestic 8 Relations Order, beginning January 1,2022. 9 Section 3. Section 4 of Ordinance No. 21,639, is hereby amended to read as follows: 10 Section 5. The Board of Directors commit to review and consider a benefit increase on a 11 reoccurring three (3)-year basis following the consolidation until the conclusion of the 12 closed twenty-two(22)-year amortization period. Any actuarial valuations conducted as a 13 part of the review and reconsideration shall be made by an independent actuary as required 14 by Arkansas State Law. 15 Section 4. Effective Date. Upon the passage of this ordinance, and the emergency clause,the effec- 16 tive date of this benefit increase shall be January 1, 2022. 17 Section 5. Severability. In the event any title, section, paragraph, item, sentence, clause, phrase, or 18 word of this ordinance is declared or adjudged to be invalid or unconstitutional, such declaration or 19 adjudication shall not affect the remaining portions of the ordinance which shall remain in full force and 20 effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part of the 21 ordinance. 22 Section 6. Repealer. All ordinances, resolutions, or parts of the same that are inconsistent with the 23 provisions of this ordinance are hereby repealed to the extent of such inconsistency including, but not 24 limited to,Little Rock, Ark., Ordinance No. 21,639(October 16,2018). 25 Section 7. Emergency Clause. The ability to adequately provide retirement benefits for retired Little 26 Rock Firefighters and eligible survivors who, among other things, are not a part of the Federal Social 27 Security System for their work as Firefighters is essential to the public health safety and welfare and this 28 fact is exacerbated when in accordance with LOPFI Board Policy, this action must be completed by 29 October 20, 2022, before a benefit increase can occur;further, the necessity to clarify the period of 30 amortization as twenty-two (22) years, instead of twenty-five (25) years,for the irrevocable agreement 31 between the City and LOPFI is also essential; an emergency is declared to exist and this ordinance shall 32 be in full force and effect from and after the date of its passage. 33 PASSED: October 3,2022 34 35 [Page 2 of 31 I ATTEST: APPROVED: 2 ggialt,�itO 3 _ lb 4 :usan ► .. City Clerk Frank Scott,Jr.,Ma 5 APPRO TO LEGAL FORM: 6 7 8 Thomas M. Carpenter, ity A rney 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 31