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1994 Ordinances
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1994 Ordinances
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2/6/2009 3:40:25 PM
Creation date
6/12/2001 5:17:47 PM
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Ord/Resolutions
Year
1994
Ord/Resolutions - Type
Ordinances
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equal to mdnthly payments of one hundred dollars ($100.00) from <br />date of retiremenn until his sixty-second birthday. A member <br />retiring on or after July 1, 1993 shall receive an allowance <br />equal to monthly paymencs of 5wo hundred dollars ($200.00) from <br />the date of retirement until his sixty-second birthday. A <br />member retiring on or after July 1, 1994 shall receive an <br />allowance equal ~o monthly paymencs of ~wo hundred dollars <br />($200.00) from the date of retirement until his sixty-fifth <br />birthday. This subsection shall not apply to sections 30-119, <br />30-121, 30-122, 30-124, 30-125 and 30-127 of this Code. <br /> <br /> 3. Than Section 30-239(a) and (b) of the Code of the City <br />of Portsmouth, Virginia (1988), be amended and reordained to <br />read as follows: <br /> <br />Section 30-239. Ordinary disability retirement allowance. <br /> <br /> (a) Upon retirement provided in section 30-238, a member <br />shall receive an annual retirement allowance, payable at least <br />monthly to him during his lifetime and continued disability, in <br />an amount equal no three (3) percenn of his average final <br />compensation multiplied by the number of years of his <br />"disability credited service," as hereinafter defined. <br /> <br /> (b) For the purposes of this section, <br />credited service" for any member shall be <br />smallest o~: <br /> <br />the term "disability <br />taken to mean the <br /> <br />(1) Twice the member's actual period of creditable service; <br /> <br />(2) The member's period of creditable service plus ten (10) <br />years; <br /> <br /> (3) The number of years of creditable service the member <br />would have completed at his normal retirement date if he had <br />remained in service as an employee until then; if the member is <br />past his normal retirement date disability credited service <br />shall be equal to the member's actual creditable service; <br /> <br /> (4) Twenty (20) years; if the member's actual creditable <br />service is greater than twenty {20) years, "disability credited <br />service" shall be equal to the member's actual creditable <br />service. An allowance shall be payable to the member according <br />to subsection (a) of this section and an additional two {2) <br />percent for each year of creditable service for the next five <br />(5) years and an additional one {1) percent for each year <br />thereafter. <br /> <br /> <br />
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