ORD NO 02-2015 CITY OF VAN BUREN,ARKANSAS
ORDINANCE NO. a -2015
BE IT ENACTED BY THE CITY COUNCIL, FOR THE CITY OF VAN BUREN,
ARKANSAS, AN ORDINANCE TO BE ENTITLED:
AN ORDINANCE EXTENDING THE PERIOD OF PARTICIPATION IN
THE DEFERRED RETIREMENT OPTION PLAN (DROP) FROM 5
YEARS TO 10 YEARS FOR THE VAN BUREN FIRE PENSION FUND.
WHEREAS, the City Council of the City of Van Buren, Arkansas desires to extend the period
of participation in the Deferred Retirement Option Plan(DROP) from five (5)
years to ten (10) years for the retirement benefit of its employees.
NOW, THEREFORE, BE IT ORDAINED AND ENACTED BY THE CITY
COUNCIL OF VAN BUREN,ARKANSAS, THAT:
SECTION 1: The City Council of the City of Van Buren, Arkansas authorizes the extension of
DROP participation from 5 years to 10 years for the Van Buren Fire Pension
Fund. The monthly amount credited to DROP shall remain 100% of the
member's calculated benefit. The 10-year DROP is available to all
participants of the fire pension fund.
SECTION 2: The City Council recognizes that the Arkansas Local Police and Fire Retirement
System(LOPFI) is the administrator of the Van Buren Fire Pension Fund.
Therefore, the Chief Administrative Officer is hereby authorized to provide
LOPFI an approved copy of this Ordinance approving this benefit change for the
Van Buren Fire Pension Fund.
IN WITNESS WHEREOF, the City of Van BuAen, Arkansas, by its City Council, did
pass, approve, and adopt, by a vote of (p for and 'U .: i t, the g
fore oin Ordinance at
foregoing
its regular meeting held on the 26th day of January 2015. 9
Robert D. Fr-! .11111m'
Mayor
ATTESTED: PIR R4.. I . I FORM:
Barbie Curtis 1!!
e • . Settle
City Clerk/Treasurer City Attorney