The Fort Smith Board of Directors will discuss Tuesday possibly upgrading the city's local police and fire retirement system.
The upgrade to be discussed would increase funding for the retirement system to compensate for the lack of funding over the years. It seeks to compensate the $20 million or greater liability stemming from a group of personnel in the old plan that is all retired and therefore puts no new contributions toward the plan, according to a memorandum from city finance director Jennifer Walker to city administrator Carl Geffken.
The plan would have "a very healthy outlook" if the city contributed $1 million per year for the next 20 years, the memo states.
"There are many factors and assumptions that go into that outlook," the memo states, listing factors such as net pension liability, development of the single discount rate and number of retirees and beneficiaries in the system.
Walker added an extra annual $750,000 to the retirement system fund projection that was attached in the memo. This sum was added to the projection to prevent the system from running out of funds for the upcoming years, the memo states.
Directors will also discuss a temporary revocable license procedure that would allow the temporary placement and maintenance of fences, signs or landscaping in rights of way or casements. The momentum sign for Firstar Bank at 6200 Massard Road was listed as an example in a memo from city director of development services Wally Bailey to Geffken.
The Board of Directors’ study session will be noon Tuesday at the Fort Smith Public Library, 3201 Rogers Ave.