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Fayetteville pension trustees authorize exploration of consolidation with LOPFI, approve actuarial fee
Summary
The Fayetteville Police Pension and Relief Fund Board of Trustees on April 17 voted unanimously to authorize the mayor and city clerk to begin exploring consolidation of the local police pension with the Arkansas Local Police and Fire Retirement System (LOPFI), including an option for a 3% compounded annual cost-of-living adjustment, and separately approved paying the actuarial fee required to start the process.
The Fayetteville Police Pension and Relief Fund Board of Trustees on April 17 voted unanimously to authorize the mayor and city clerk to begin fact-finding on consolidating the city’s police pension plan with the Arkansas Local Police and Fire Retirement System, commonly referred to in the meeting as LOPFI. The board also approved using plan assets to pay the special actuarial valuation fee needed to begin the consolidation process.
Eldon Roberts, trustee, moved that the board “grant the mayor and the city clerk authority to start exploring the possibility of consolidating the old federal police retirement plan with the Arkansas State Police Fire Retirement System known as LOPFI with a 3% compounded cost of living adjustment annually for all participants.” The motion was seconded and, after discussion, carried on a roll-call vote: John Brown — yes; Reston Cole — yes;…
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