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AN ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTIONS 30-33 AND <br />30-158 THEREOF, PERTAINING TO RETIREMENT SYSTEMS. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Sections 30-33, and 30-158, be amended to read <br />as follows: <br /> <br />Section 30-33. Retirement account. <br /> <br /> Ail of the funds and assets of the system shall be held <br />in a single retirement account, in which shall be accumulated <br />all contributions by the members and by the employer, and to <br />which all-incom~ from the invested funds and assets of the <br />system shall be credited. From this account shalI be paid the <br />investment management fees, and the death benefits and <br />retirement allowances provided for in this article. <br /> <br />Section 30-158. Retirement account. <br /> <br /> Ail of the funds and assets of the system shall be held <br />in single retirement account, in which shall be accumulated <br />all contributions by the members and by the employer, and to <br />which all income from the invested funds and assets of the <br />system shall be credited. From this account shall be paid the <br />investment management, fees, and the death benefits and <br />retirement allowances provided for in this article. <br /> <br /> 2. That the provisions of this ordinance shall take <br />effect on July 1, 1990. ~ <br /> <br /> Adopted by the Council of the City of Portsmouth at a <br />meeting held on May 22, 1990. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />