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Home My WebLink About22532 1 ORDINANCE NO.22,532 2 AN ORDINANCE TO AMEND LITTLE ROCK, ARK., ORDINANCE NO. 3 20,805 (OCTOBER 15, 2013), AS AMENDED BY LITTLE ROCK, ARK., 4 ORDINANCE NO. 21,473 (SEPTEMBER 5, 2017) AND ORDINANCE NO. 5 22,178 (OCTOBER 3, 2022), TO ALLOW FOR A TWO HUNDRED FIFTY 6 DOLLAR ($250.00) PER MONTH INCREASE IN BENEFITS TO 7 MEMBERS OF THE LITTLE ROCK POLICE PENSION AND RELIEF 8 FUND, NOW ADMINISTERED BY THE ARKANSAS LOCAL POLICE 9 AND FIRE RETIREMENT SYSTEM (LOPFI); TO AMEND THE 10 AMORTIZATION PERIOD; TO DECLARE AN EMERGENCY; AND FOR 11 OTHER PURPOSES. 12 13 WHEREAS, in Little Rock, Ark., Ordinance No. 20,805 (October 15, 2013),the Board of Directors 14 of the City of Little Rock, upon request by the Board of Trustees of the Little Rock Police Pension and 15 Relief Fund,transferred the administration of the Little Rock Police Pension and Relief Fund,which applies 16 to eligible Police Officers who were hired by the Little Rock Police Department prior to January 1, 1983, 17 to the Arkansas Local Police and Fire Retirement System("LOPFI");and, 18 WHEREAS, Section 4 of Ordinance No. 20,805, made an initial monthly increase in benefits and 19 permitted a review every three (3) years regarding a possible additional increase or Cost of Living 20 Adjustment;and, 21 WHEREAS, Ordinance No. 20,805 was amended by Little Rock, Arkansas Ordinance No. 21,473 22 (September 5,2017),to allow for an additional One Hundred Fifty($150.00)per month benefit increase to 23 all retiree and survivor accounts, except alternate payees under a Qualified Domestic Relations Order, 24 beginning January 1,2018,and to amend the amortization period; and, 25 WHEREAS, Ordinance No. 22,178 (October 3, 2022) allowed for an additional two hundred fifty 26 dollars ($250.00) per month benefit increase to all retiree and survivor accounts, except alternate payees 27 under a Qualified Domestic Relations Order,beginning January 1,2022; and 28 WHEREAS,while Arkansas State Statute requires that benefit increases follow Arkansas State Law, 29 this is no longer completely possible because the Board of Trustees of the Local Police Pension Fund was 30 disbanded,so based upon the representations of LOPFI and Section 5 of Ordinance No.20,805,substitutes 31 an ordinance from the Board of Directors of the City of Little Rock to authorize such an increase; and, [Page 1 of 3] 1 WHEREAS, an Actuarial Study has been received from LOPFI's Actuaries, Gabriel, Roeder, Smith 2 & Company,to assure that this increase in benefits can be amortized over a fifteen(15)-year period as set 3 forth in Section 5 of Ordinance No.20,805. 4 NOW,THEREFORE,BE IT ORDAINED BY THE BOARD OF DIRECTORS OF THE CITY 5 OF LITTLE ROCK,ARKANSAS: 6 Section 1. Section 2 of Ordinance No.20,805,as amended by Ordinance No. 21,473 and Ordinance 7 No. 22,178 is hereby amended to read as follows: 8 Section 2. The City Manager is hereby authorized to enter into an irrevocable agreement, 9 using a fifteen(15)-year amortization schedule,with LOPFI to administer the Little Rock 10 Police Pension and Relief fund as stated in Section 1 hereof. 11 Section 2. Section 4 of Ordinance No. 20,805, as amended by Ordinance No. 21,473 and 12 Ordinance No.22,178,is hereby amended to read as follows: 13 Section 4. The agreement with LOPFI shall include: 14 (a) An initial Seventy-Five Dollar($75.00) per month benefit increase to all retiree 15 and survivor accounts, except alternate payees under a Qualified Domestic Relations 16 Order,beginning January 1,2014;and, 17 (b) An additional One Hundred Fifty Dollar($150.00) per month benefit increase to 18 all retiree and survivor accounts, except alternate payees under a Qualified Domestic 19 Relations Order,beginning January 1,2018;and, 20 (c) An additional Two Hundred Fifty Dollar($250.00)per month benefit increase to 21 all retiree and survivor accounts, except alternate payees under a Qualified Domestic 22 Relations Order,beginning January 1,2022;and, 23 (d)An additional Two Hundred Fifty Dollar($250.00)per month benefit increase to all 24 retiree and survivor accounts, except alternate payees under a Qualified Domestic 25 Relations Order,beginning January 1,2025. 26 Section 3. Section 5 of Ordinance No. 20,805 as amended by Ordinance No. 21,473 and 27 Ordinance No.22,178,is hereby amended to read as follows: 28 Section 5. The Board of Directors commit to review and reconsider a Cost-of-Living 29 Adjustment (COLA) and/or monthly benefit increase on a recurring three (3)-year basis 30 following the consolidation until the conclusion of the closed fifteen(15)-year amortization 31 period. Any actuarial valuations conducted as a part of the review and reconsideration 32 shall be made by an independent actuary as required by Arkansas State Law. 33 Section 4. Effective Date. Upon the passage of this ordinance, and the emergency clause, the 34 effective date of this benefit increase shall be January 1,2025. [Page 2 of 3] 1 Section 5. Severability.In the event any title, section, paragraph, item, sentence, clause, phrase, 2 or word of this ordinance is declared or adjudged to be invalid or unconstitutional,such declaration or 3 . adjudication shall not affect the remaining portions of the ordinance which shall remain in full force 4 and effect as if the portion so declared or adjudged invalid or unconstitutional were not originally a part 5 of the ordinance. 6 Section 6. Repealer. All ordinances, resolutions, or parts of the same that are inconsistent with 7 the provisions of this ordinance are hereby repealed to the extent of such inconsistency including, but 8 not limited to, Little Rock, Ark., Ordinance No. 20,805 (October 15, 2013) and Little Rock, Ark., 9 Ordinance No.21,473 (September 17,2017),and Little Rock,Ark.,Ordinance No.22,178(October 3, 10 2022). 11 Section 7. Emergency Clause. The ability to adequately provide retirement benefits for retired 12 Little Rock Police Officers and eligible survivors who, among other things, are not a part of the Federal 13 Social Security System for their work as Police Officers is essential to the public health safety and welfare 14 and this fact is exacerbated when in accordance with LOPFI Board Policy, this action must be completed 15 by October 31, 2024, before a benefit increase can occur;further, the necessity to clarify the period of 16 amortization as fifteen(15)years, instead of seventeen (17)years,for the irrevocable agreement between 17 the City and LOPFI is also essential; an emergency is declared to exist and this ordinance shall be in full 18 force and effect from and after the date of its passage. 19 PASSED: October 2,2024 20 ATTEST: APPROVED: 21 22 MJA\A Q,�-- 23 Allison Segars,Act' ity Clerk Frank Scott,Jr.,Mayor 24 APPROVED AS TO LEGAL FORM: 25 26 27 Ly ette Perez, i eputy City Attorney 28 // 29 // 30 // 31 // 32 // 33 // 34 // 35 // [Page 3 of 3]