In order to prove that I am not running for Mayor of Fayetteville out of any financial self interest, I have voluntarily made myself ineligible for the defined benefit pension plan that would become available to me if I win this election.
All city employees, except for uniformed fire and police personnel, participate in a 401K program that accrues as long as that employee works at the City. That includes the mayor. However, there is a provision in state law that allows for an elected official who serves 10 years as mayor or 8 years as mayor with 4 years of City Council service to participate in a much more attractive retirement program.
This program pays the retiree 50% of his or her last year’s salary every year until death. In Fayetteville, depending on a reasonably good lifespan, that could easily top
$1 million paid solely by Fayetteville taxpayers.
But the mayor must choose between these pension plans. He cannot have both. If the 401K plan is ever accessed then that decision has been made and the richer lifetime payment plan is no longer an option.
If either the current mayor, Lioneld Jordan, or I win this election, both of us would have been eligible for an attractive retirement program, until now. To avoid the distraction of this issue, I have voluntarily moved my 401K program out of the City and placed it in an IRA like any other former employee could. By doing so, I have made myself ineligible to take that more attractive pension.
Four years ago, when this financial motivation for seeking re-election was assigned to me by my opponents, both Lioneld Jordan and I made it clear that we would not seek this option. On the steps of the Town Center, just before the election, I signed a very concise letter of intent and gave it to a reporter for the NWA Times for the public record. At the same time, Mayor Jordan stated clearly that he had signed affidavits attesting to this and filed them at the both the County Courthouse and City Hall so he could be on public record with dated and stamped documentation, although I have not seen these documents, myself.
However, City Attorney, Kit Williams, made it clear that those documents were not binding and the option was still open to both of us. That is why I have taken this action. It is not good enough for a person to say, “trust me” on an issue that involves this much money. That’s why I have taken the step of legally eliminating that option.
If Mayor Jordan wins and chooses that very attractive, taxpayer-funded pension plan it will be his legal right to do so. But my reason for seeking this office is not financial. It is to advance a long-term vision for Fayetteville that will promote a future based on what we started in my earlier terms. If our community is to meet more of its potential, we must have creative and aggressive leadership that will not coast on our laurels or be happy improving an image rather than improving a city. It is not easy plowing new ground to bring lasting change, but we have to.
We must make our quality of life irresistible to the innovators and creative young people who will start new businesses and develop new technologies. We have to build a city that welcomes both the young and the young at heart and gives everyone a place to feel at home. We have to make a sustainable community that sets the standard for energy conservation, urban agriculture, city beautification, alternative transportation, and, very importantly, advancement of the arts and making our downtown feel relaxed and friendly. We should work to fulfill our vision of what Fayetteville could be. “Good enough” should never be good enough.
This election should be focused on the candidate’s vision for the future of this community, what specific goals we want to achieve, and where we want to be in 10 or 20 years.
This retirement issue was a false distraction 4 years ago. We have too much work to do to make Fayetteville an even better community.
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