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1992-34 <br /> <br />AN ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTIONS 30-117, <br />30-121(c), 30-128, 30-237, 30-239(a), (b)(4), 30-241(c), AND <br />30-247, THEREOF, ALL PERTAINING TO RETIREMENT. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 30-117 of the Code of the City of <br />Portsmouth, Virginia, 1988, be amended to read as follows: <br /> <br />Section 30-117. Service retirement allowance. <br /> <br /> (a) Upon retirement, as provided in subsection (a) or <br />subsection (b) of Section 30-116, on or after July 1, 1977, of <br />a member who either has attained his normal retirement date or <br />has attained the age of fifty-five (55) and who has completed <br />the number of years of creditable service required for <br />entitlement to benefits under the vesting provisions of <br />Section 30-116(c), the member shall receive an annual <br />retirement allowance payable at least monthly to him during <br />his lifetime, the amount of which shall be determined as <br />follows: <br /> <br />(1) <br /> <br />With respect to any allowance payment falling due in <br />a month before the member's normal retirement date, <br />or in a month before the member's normal retirement <br />date and before any social security payment falling <br />due that is based on the member's primary social <br />security benefit, two (2) percent of his average <br />final compensation multiplied by the number of years <br />of creditable service. <br /> <br />(2) <br /> <br />With respect to any allowance payment falling due <br />after the m~mber's norm~ ~tirement date, or in a <br />month before the member's normal retirement date and <br />after any social security allowance payment falling <br />due that is based on the member's primary social <br />security benefit, the larger of: <br /> <br />Se <br /> <br />One and fifteen one hundredths (1.15) percent <br />of his average final compensation multiplied by <br />the number of years of his creditable service; <br />or <br /> <br />be <br /> <br />The excess of (x) and two (2) percent of his <br />average final compensation multiplied by the <br />number of years of his creditable service over <br />(y) two (2) percent of the annual amount of the <br />primary social security benefit commencing at <br />his normal retirement date to which he is or <br />would have been entitled at his normal <br />retirement date, <br /> <br /> <br />