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Police pension board tells Texarkana council it will seek consolidation with Lotfi retirement system
Summary
A Police Pension & Review Board representative told the board the closed PPRF could be consolidated into the Lotfi Retirement System under a 15-year amortization that an actuarial valuaton estimates would cost about $52,272 per month; paperwork must be completed by Oct. 31.
Ernest Haid, a member of the Police Pension and Review Board, told the Texarkana board during citizen communication that the PPRF (the “old plan”) will be the subject of a proposed consolidation with the Lotfi Retirement System at the board’s July 21 meeting. "An actuarial valuation was conducted and the results indicate that a 15 year amortization schedule will result in a cost of $52,272 per month with a local plan COLA of 3%," Haid said.
Haid said the…
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