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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, <br />VIRGINIA, 1973, BY AMENDING SECTIONS 31-262 AND 31-263, <br />THEREOF, PERTAINING TO. SERVICE RETIREMENT AND SERVICE <br />RETIREMENT ALLOWANCE, TO PROVIDE FOR EARLY RETIREMENT FOR <br />MEMBERS OF THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, <br />Virginia: <br /> <br /> 1. That Section 31-262 of the Code of the City of <br />Portsmouth be amended by adding thereto Subsection (d) to read <br />as follows: <br /> <br />Section 31-262 (d). Service retirement. <br /> <br /> Any member in service who has attained the age of <br />fifty-five (55), and who has attained not less than thirty <br />(30) years of creditable service, may retire at any time then <br />or thereafter upon written notification to the Board, made by <br />the member or his employer, setting forth the time the <br />retirement is to become effective; provided that such <br />effective date shall be after his last day of service, but <br />shall non be more than ninety days prior to or subsequen: to <br />the filing of such notice. <br /> <br /> 2. That Section 31-263 of the Code of the City of <br />Portsmouth be amended by adding thereto Subsection (g) <br />as follows: <br /> <br />to read <br /> <br />Section 31-263 (g). Service retirement allowance. <br /> <br /> Upon renirement as provided in Subsection (d) of Section <br />31-262, the member shall receive an annual retirement <br />allowance, payable a: least monthly during his lifetime, the <br />amount of which shall be determined in nhe same manner as for <br />retirement at his normal retirement date with the years of <br />creditable service and average final compensation being <br />determined as of the date of his actual retirement. <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 />