HomeMy WebLinkAbout130981
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RESOLUTION NO. 13,098
A RESOLUTION TO ALLOW THE PARTICIPANTS OF THE LITTLE ROCK
POLICEMEN'S PENSION & RELIEF FUND THE OPTION TO CONTINUE
WITH THE DEPOSIT OF FUNDS IN THE DROP PLAN AFTER THE
EXPIRATION OF THEIR DROP PARTICIPATION PERIOD; AND FOR
OTHER PURPOSES.
WHEREAS, Act 1371 of 2003 provides that a participant in a Policemen's Pension and Relief Fund
Deferred Retirement Option Plan (DROP) may defer receiving payment of the participant's DROP
account and continue with the funds deposited in the Plan upon conclusion of the DROP participation
period;
WHEREAS, the deferral option is conditioned upon approval by a majority vote of the governing
body of the sponsoring municipality and the Board of Trustees of the Policemen's Pension and Relief
Fund;
WHEREAS, the Board of Trustees of the Little Rock Policemen's Pension and Relief Fund (the
"Fund ") has previously adopted DROP Rules which include the deferral option, and since 2003 the Fund
has consistently allowed its members to defer the distribution of DROP benefits after the conclusion of
the DROP period; and
WHEREAS, the Board of Directors desires to approve the adoption of the deferral option by the
Fund;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF LITTLE
ROCK, ARKANSAS:
Section 1. Approval. Pursuant to Act 1371 of 2003 the Board of Directors hereby approves the
option to allow a participant in the Little Rock Policemen's Pension and Relief Fund DROP to defer
receiving payment of the participant's account and continue with the funds deposited in the plan after the
conclusion of the DROP participation period pursuant to rules adopted by the Board of Trustees.
Section 2. Effective Date. This approval shall be effective retroactively to the effective date of Act
1371 of 2003.
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 were not originally a part of the
resolution.
[PAGE 1 OF 2]
RESOLUTION
To allow participation in LR Police Pension & Relief Fund
To continue deposit of funds after expiration of period
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Section 4. Repealer. All laws ordinances resolutions or parts of the same that are inconsistent with
the provisions of this resolution are hereby repealed to the extent of such inconsistency.
ADOPTED: March 16, 2010
APPROVED AS TO LEGAL FORM:
Thomas M. Carpenter, Ci ttorney
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[PAGE 2 OF 2]
RESOLUTION
To allow participation in LR Police Pension & Relief Fund
To continue deposit of funds after expiration of period
APPROVED:
<
Mark Stodol ayor