City of Jonesboro - File #: ORD-06:120

• File #: ORD-06:120
• Version: 1
• Name: Increase in benefits for LOPFI retirees
• Type: Ordinance
• Status: Passed
• File created: 6/22/2006
• In control: Finance & Administration Council Committee
• Final action: 7/6/2006
• Title: AN ORDINANCE TO AMEND AGREEMENT DATED SEPTEMBER 2, 1997, BETWEEN LOCAL POLICE AND FIRE RETIREMENT SYSTEM (LOPFI) AND THE CITY OF JONESBORO TO PROVIDE FOR AN ADDITIONAL RETIREMENT BENEFIT FOR MEMBERS OF THE JONESBORO LOCAL FIRE PENSION FUND.
• Indexes: Contract
• Related files: MIN-06:059, ORD-97:1731

Date	Ver.	Action By	Action	Result
7/6/2006	1	City Council	Passed	Pass
6/22/2006	1	Finance & Administration Council Committee	Recommended to Council	Pass

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AN ORDINANCE TO AMEND AGREEMENT DATED SEPTEMBER 2, 1997, BETWEEN LOCAL POLICE AND FIRE RETIREMENT SYSTEM (LOPFI) AND THE CITY OF JONESBORO TO PROVIDE FOR AN ADDITIONAL RETIREMENT BENEFIT FOR MEMBERS OF THE JONESBORO LOCAL FIRE PENSION FUND.

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WHEREAS, the City of Jonesboro previously executed an agreement on September 2, 1997 between the City of Jonesboro and LOPFI and Fire Retirement System adding benefits to members of the Jonesboro Local Fire Pension Fund and;

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 1: 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:

(A)  Benefit is increased by an additional $3,600.00 annually for all current and future benefit recipients, such benefit increase to be applied retroactively to January 1, 2006.  Said increase will result in an annual increase in total retirement’s benefits of $201,600.00 or $16,800.00 per month.

PASSED on this the 6^th day of July, 2006.