1981 Ordinances - Laserfiche WebLink

Home Browse Search

1981-12 AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, BY AMENDING SECTION 31-91 THEREOF, PERTAINING TO PORTSMOUTH FIRE AND POLICE RETIREMENT SYSTEM. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 31-91 of the Code of the City of Ports- mouth, Virginia, 1973, be amended to read as follows: Section 31-91. Definitions. As used in this article, context, the following words indicated: unless otherwise required by the and terms shall have the meanings ACCUMULATED CONTRIBUTIONS. The term "accumulated contri- butions'' shall be taken to mean the sum of all amounts deducted from the compensation of a member as contributions to the system, together with interest thereon at the rate of two percent (2%) per annum from the end of the fiscal year in which each such contribution was made. ACTUARIAL EQUIVALENT. The term "actuarial equivalent" shall be taken to mean a benefit of equal value when computed upon the basis of such actuarial tables as are adopted by the board. AVERAGE FINAL COMPENSATION. The term "average final com- pensation'' shall be taken to mean the average annual creditable compensation of a member during his thirty-six (36) highest consecutive months of creditable service or during the entire period of his creditable service if less than thirty-six (36) months. BENEFICIARY. The word "beneficiary" shall be taken to mean any person entitled to receive benefits of any kind ~nder this article because of the death of a member. BOARD. The word "board" shall be taken to mean the board of trustees of the Portsmouth Supplemental Retirement System as provided for in Sections 31-103 to 31-111. CREDITABLE COMPENSATION. The term "creditable compen- sation'' shall be taken to mean the full compensation payable to an employee working the full working time for his position; provided, however, that if an employee receives increases'in compensation in the last four (4) years of creditable service, nom related to promotion, which exceed the average compensation increase in the same period received by other employees holding comparable positions, or which, in case there are no comparable positions, exceed the average percentage compensation increase mn the same period received by all other employees, such excess shall be deducted in computing creditable compensation if the board finds after consideration of all circumstances