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AN ORDINANCE TO AMEND AGREEMENT DATED SEPTEMBER 2, 1997, BETWEEN THE LOCAL POLICE AND FIRE RETIREMENT SYSTEM (LOPFI) AND THE CITY OF JONESBORO TO PROVIDE FOR AN ADDITIONAL RETIREMENT BENEFIT FOR MEMBER OF THE JONESBORO LOCAL FIRE PENSION FUND
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Whereas, the City of Jonesboro previously entered an agreement on September 2, 1997 between the City of Jonesboro and LOPFI and Fire retirement system and adding benefits to members of the Jonesboro local fire pension fund.
Whereas, there exists a need to amend the agreement to provide for an additional increase.
Now, therefore be it ordained and enacted by the City Council of the City of Jonesboro, that:
SECTION ONE: That the Mayor, Doug Formon and City Clerk, Donna Jackson, are hereby authorized to execute such documents as are necessary to amend the agreement as follows:
SECTION TWO: It is further found that due to immediate need to provide for the member of the Jonesboro Local Fire Pension which is retroactive, an emergency is declared to exist and this ordinance being necessary for the preservation of the public peace, health and safety, it shall take effect from and after its passage and approval.
A. Benefit is increased by an additional $1,800.00 annually for all current and future benefit recipients. Such benefit increase to be applied retroactively to January 1, 2007. Said increase will result in an annual increase in total retirement benefits of $100,800.00 or $8,400.00 per month.
Passed on this 6th day of March, 2007.