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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA (1988), BY AMENDING sEcTIONS 30-117(g), 30-237 (a) AND <br />(b), AND 30-239 (a) AND {b), PERTAINING TO RETIREMENT SYSTEMS. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 30-117 (g) of the Code of the City of <br />Portsmouth, Virginia (I988), be amended and reordained to read <br />as follows: <br /> <br />Section 30-117. Service retirement allowance. <br /> <br />(g) In addition to the allowance payable under subsections <br />(a) throug~ (d), a member retiring on or after July 1, 1992 but <br />before July 1, 1993 shall receive an additional allowance equal <br />to monthly payments of one hundred dollars ($100.00) from date <br />of retirement until his sixty-second birthday. A member <br /> <br />retiring on or after July 1, <br />equal to monthly payments of <br />date of retirement until his <br />retiring on or after July 1, <br />equal to monthly payments of <br />the date of retirement until his sixty-fifth birthday. <br />subsection shall not apply to sections 30-119, 30-121, <br />30-124, 30-125 and 30-127 of this Code. <br /> <br />1993 shall receive an allowance <br />two hundred ($200.00) from the <br />sixty-second birthday. A member <br />1994 shall receive an allowance <br />two hundred dollars ($200.00) from <br /> This <br /> 30-122, <br /> <br /> 2. That Section 30-237(a) and <br />City of Portsmouth, Virginia (1988), <br />reordained to read as follows: <br /> <br />(b) of the Code of the <br />be amended and <br /> <br />Section 30-237. Service retirement allowance. <br /> <br /> (a) Upon retirement as provided in subsection (a) or <br />subsection (b) of section 30-236, a member shall receive an <br />annual retirement allowance, payable at least monthly to <br />him during his lifetime, in an amount equal to three (3) <br />percent of his average final compensation multiplied by the <br />first twenty (20) years of his creditable service, two (2) <br />percent of his average final compensation multiplied by the <br />next five (5) years of creditable service and one (1) percent <br />of his avemage final compensation multiplied by each additional <br />year of creditable service thereafter. <br /> <br />(b) In addition to the allowance payable under subsections <br />(a) through (d), a member retiring on or after July 1, 1992 but <br />before July 1, 1993 shall receive an additional allowance <br /> <br /> <br />