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13 <br /> <br />A RESOLUTION PROVIDING FOR EARLY RETIREMENT OF CITY EMPLOYEES <br />WHO ARE MEMBERS OF THE VIRGINIA SUPPLEMENTAL RETIREMENT <br />SYSTEM. <br /> <br /> WHEREAS, the General Assembly of Virginia has adopted <br />legislation amending the Virginia Supplemental Retirement Act <br />to provide for early retirement for certain State employees <br />who have attained the age of fifty-five (55) and have at least <br />thirty (30) years service; and <br /> <br /> WHEREAS, said early retirement for qualifying members <br />does non require a reduction in benefits of such members; and <br /> <br />WHEREAS, said legislation also provides that a local <br />governmenn may elect to have its employees who are members of <br /> System qualified for <br /> <br />the Virginia Supplemental Retirement <br />early retirement benefits; and <br /> <br /> WHEREAS, the City of Portsmouth has employees who are <br />members of the Virginia Supplemental Retirement System; and <br /> <br /> WHEREAS, provision of unreduced early retiremenn benefits <br />will non require an increase in the basic ccntribution rate <br />paid by the City to Virginia Supplemental Retiremenn System <br />for the employees of the City. <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City <br />of Portsmouth, Virginia, that it hereby elects to provide <br />early retirement without reduction of benefits for its <br />employees who are members of the Virginia Supplemental <br />Retirement System who have attained the age of fifty-five (55) <br />years ~nd have an least thirty (30) years service, as provided <br />in Sec%ions 51-111.53, 51-111.55.1 ~nd 51-111.60.1, Code of <br />Virginia, 1950, as amended. <br /> <br /> Adopted by the Council of the City of Portsmouth, <br />Virginia, at a meeting held February 23, 1988. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br /> <br />