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1977 Ordinances
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1977 Ordinances
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Last modified
7/17/2001 6:41:43 PM
Creation date
6/26/2001 5:21:33 PM
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Ord/Resolutions
Year
1977
Ord/Resolutions - Type
Ordinances
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_~N ORDllXlANCE TO ~ RI4E CODE OF THE CI5% OF PORTSMOUTH, VIRG/NIA, <br /> 1973, BY ~J~ENDING. SECTIONS 31-1,-31-30(a) (1), 31-41, 31~62., 31-63, 31 <br /> 65, 31-67, 31-70,- 31-77(a), 31-91, 31-118(a)(1),. 31-129, 31-148(b) (c), <br /> 31-149, 31-151, 31~153(a), 31-156 AND 3t-162(a); PERTAINING TO ~HE <br /> PORTSS~UTH SUPP~ RETIRSP~EbIF SYSTEM AND THE PORTSMOIrfH FIRE AND <br /> POLICE RETIPdK~ENT SYSTEM. <br /> <br /> BE IT ORDAINED by the Council of the City of P0rtsmou~h, V~rglnia: <br /> <br />149, 31-151, 31-153(a)', 31~156 ~and 31-162(a) 'of. the Code of the city of <br />~Portsn~U~h, Virginia, 1973, be amended~ to-read as foilOWS: <br /> <br /> AS used in this article, unless otherwise requi~ed by the context, <br /> the followirg words and terms shall-have 'the meanings indicated: <br /> <br /> ACCU~Ulabed contributions. ~-The term"accumulated c0ntribuhi0ns" <br /> shall be taken to mean .the sum Of all amounts deducted from the compen- <br /> Sation of a member as contributions to the systam, together with interest <br /> thereon at the rate of two percent [2%) per annum frc~ the end of the <br /> fiscal year i~ which each such contribution was made~ <br /> <br />' ' Actuarial equivatent~ 'The.term "actuarial equivalent'~ shall be <br />taken to mean a benefit Of equal, value when ccraputed'upon the basis of <br />such actuarial .tables as are adopted by the board. <br /> <br /> Average Final Compensation. The term !'average final compensation" <br /> shall be taken to mean the average annual creditable cc~pensation of a <br /> member during his thirty-six highest consecutive month~ of .creditable <br /> service or dtlrirg the entire period of his creditable service if less <br /> than thirty-six months. <br /> <br /> t~neficiary. The word "beneficiary" shall be taken to mean any <br /> person entitled to receive benefits of any kind under this article <br /> because of the death of a member. <br /> <br /> Board. The word "board" shall be taken to mean the ~oard of trustees <br />of the Portsmouth Supplemental Retirement System, as provided for mn <br />Sections 31-13 to 31-23. <br /> <br /> Creditable Compensation. The term "creditable cc~Pensation" shall <br />be taken to mean the full cc~pensation payable to an e~oloyee working <br />the full working time for his position; provided, h~ever, that if an <br />employee receives increases in compensation in the last four years of <br />creditable service, not related to prc~otion, which exceed the average <br />compensation increase in ~he same period received by other employees <br />holding cc~p~rable positions, or vJaich, in case %here are no comparable <br /> <br /> <br />
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