2443 ORDINANCE NO. a443
AN ORDINANCE TRANSFERRING ADMINISTRATION OF RETIREMENT COVERAGE
FOR ELIGIBLE MEMBERS OF THE WEST MEMPHIS FIRE PENSION AND RELIEF
FUND TO THE ARKANSAS LOCAL POLICE AND FIRE RETIREMENT SYSTEM(LOPFI)
AND AUTHORIZING THE CHIEF ADMINISTRATIVE OFFICER TO ENTER INTO AN
IRREVOCABLE AGREEMENT WITH LOPFI.
WHEREAS,the Board of Trustees of the WEST MEMPHIS Fire Pension and Relief
Fund(Local Plan)has elected to have its Local Plan administered by LOPFI as stated by
Resolution dated 2017, and that
WHEREAS, the Board of Trustees has requested by Resolution that the City of WEST
MEMPHIS,Arkansas to act as its agent henceforth.
NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY
OF WEST MEMPHIS, ARKANSAS:
SECTION 1. If accepted by LOPFI,the administration of the WEST MEMPHIS Fire Pension
and Relief Fund(Local Plan) shall be transferred to LOPFI under authority of Arkansas Code
Annotated 24-10-101 et. seq., as amended. Such transfer shall mean the administration of the
Local Plan only and not a change in the Local Plan's benefit program unless a benefit increase is
approved by the City of WEST MEMPHIS, Arkansas. With the passage of this ordinance, a
three percent(3%) compound Cost of Living Adjustment(COLA) shall be added to the benefit
program of the Local Plan. This COLA will be awarded each July 1st according to LOPFI
guidelines.
SECTION 2. The Chief Administrative Officer is hereby authorized to enter into an irrevocable
agreement, using a fifteen LS) - 6-44r
Ordinance needs to select one amortization period), with LOPFI to administer the Local Plan as
stated in Section 1 hereof.
SECTION 3. It is the intent of the City Council and it is hereby ordained that the provisions of
this Ordinance shall be codified into the Code of Ordinances of WEST MEMPHIS,Arkansas
and the sections thereof may be re-numbered and re-lettered as necessary to accomplish such
intention.
SECTION 4. Due to the need to consolidate administration of the Local Plan with LOPFI, an
emergency is hereby declared to exist and this Ordinance shall be in full force from and after the
date of its passage and approval.
PASSED: 1 p-12
Date � /�
APPROVEIH- "G`
Chief Adminis ative Officer
ATTE _
Witness SPONSORED
William H. Johnson, Mayor