FORT SMITH, Ark. (KNWA) — Retirement funding for police and firemen in Fort Smith could increase as soon as the end of the year.
The city’s Board of Directors on Tuesday continued discussions from June to place an additional $750,000 into the retirement plan.
The current plan has a $38 million dollar deficit, according o an audit committee member.
That’s despite the city making the minimum annual contributions to the fund.
A one-time addition of $1 million to the fund has been recommended to ensure higher credit and interest by the end of 2018.
That’s a quarter million more than the funding proposal currently on the table.