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AN ORDINANCE TO AMEND <br />PORTSMOUTH, VIRGINIA <br />ADDING SUBSECTION (e) <br />RETIREMENT. <br /> <br />C2{APTER 30 OF THE CODE OF THE CITY OF <br />(1988) BY AMENDING SECTION 30-116 BY <br />THERETO, PERTAINING TO SERVICE <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virgmnma: <br /> <br /> 1. That Section 30-116 of the Code of ute City of <br />Portsmouth, Virginia (1988) be amended and reordained by <br />subsection (e) thereto ~o read as follows: <br /> <br />adding <br /> <br />Section 30-116. Service Retirement. <br /> <br />(a)-(d) .... <br /> <br /> (e) Any member mn service who has attained the age of <br />fifty (50) years of age and who has at least hen (10) years of <br />creditable servmce, may renzre with a reduction in benefits an <br />any time upon written notification to the Board, made by the <br />member or his employer, setting forth the time the retirement <br />is no become effective; provided that such effective date shall <br />be after his last day of service but shall not be more than <br />ninety (90) days prior no or subsequent ~o the filing of such <br />notice. Additionally, any member retiring under this <br />subsection shall receive a reduction in his retirement benefits <br />equal to one half of one percent (0.5%) per each month that the <br />employee retires prior to attaining age fifty-five (55). <br /> <br /> 2. That this ordinance shall take effect on June 1, <br />1995. <br /> <br /> Adopted by ute Council of the City of Portsmouth, <br />Virginia, at a meeting held on May 9, 1995. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />