Retirees on the Fayetteville Firemen’s Pension Board of Trustees seemed eager Thursday to consolidate their ailing fund with the state’s ArkansasLocal Police and Fire Retirement System, known as LOPFI.
Now at $5.7 million, the fund at the end of 2008 was considered only 43 percent funded, down from 98 percent funded in 1995.
Sixty-three retired firefightersin Fayetteville and spouses of those who are deceased receive payments of between $109 to $6,109 per month under the old pension fund.
Each year, $1.4 million is paid out in benefits, and about $575,000 in revenue is addedfrom property and other sources.
Old pension funds in Arkansas were closed to new members in 1983; newer employees join LOPFI ...
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News, Pages 1 on 10/30/2009
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