TEXARKANA, Ark. (KTAL/KMSS) – The Texarkana, Arkansas Board of Trustees held a virtual workshop to discuss the local police pension plan.
The Board of Trustees is requesting to join the state retirement plan. This would discontinue the current plan. The city manager said if they move to this new plan, it could cost the city $3.6 million over the next 20 years.
The Executive Director of the Local Police Pension and Relief Fund explains the process. “The local board of trustees will pass a resolution first saying that they want to consolidate. Then the city decides yes or no. Then they’ll pass an ordinance if the answer is yes and then that allows the city manager to enter an agreement with “LOPFI” to hand off all the assets and administrative responsibilities to “LOPFI”, said David Clark.
The city manager says the local pension board is also asking for a three percent cost-of-living-adjustment.