About face from pension board | Arkansas Blog

Monday, August 8, 2011

About face from pension board

Posted By on Mon, Aug 8, 2011 at 4:27 PM

The Little Rock Police Pension Board, which held a press conference last week to propose a sales tax that would raise more for the pension account than the initiative that will appear on the ballot Sept. 13, voted today to endorse the city sales tax.

The city sales tax will raise $500,000 for the pension board, which is in danger of running out of money, auditors say. City Manager Bruce Moore says the city's money plus state turnback should keep the pension solvent. Release on jump.

Police Pension Fund Board Endorses Sales Tax Proposal

Retired members of the Little Rock Police Pension Fund met with their board members today to consider the upcoming City of Little Rock sales tax initiative.

During a lengthy discussion and serious consideration they narrowed their decision to “exactly what action do we take today regarding our support or lack there of, for the current one cent sales tax initiative.”

A vote was taken, with a clear decision coming from the pension fund board and its general members to endorse the City of Little Rock’s one-cent sales tax proposal.

We believe that current conditions and the critical need for additional funding to the City of Little Rock clearly justifies our support for the initiative and that its passage on September 13, 2011 will certainly be in the best long term interest of the City’s citizens.

With that we offer our total support concerning this matter.

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