1973 Ordinances - Laserfiche WebLink

Home Browse Search

AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1961, BY A~NDING SECTIONS 26-48, 26~65, 26-71, 26-72, 26-76, 26r77, 26-79, 26-80, 26-81, 26£82, 26-82.1, 26-83~ 26'85, 26-86, AND 26~87 THEREOF PERTAINING TO THE PORTSMOUTH FIRE AND POLICE RETIREMENT SYSTEM~ Be it ordained by the Council of the City of Portsmouth, Virginia: 1. That the Code of the City of Portsmouth, Virginia, 1961, be amended by amending Sections 26-48, 26-65, 26-71, 26-72, 26-76, 26-77, 26-79, 26-80, 26-81, 26-82, 26-82.1, 26-83, 26-85, 26-86 and 26-87 thereof, such amended sections to read as follows: Section 26-48. Definitions. As used in this article, unless otherwise required by the context, the following words and terms shall have the meaning indicated: Accumulated contributions. The term "accumulated con- r_ributions" shall be taken to mean the sum of all amounts deduct- ed from the compensation of a member as contributions to the system, together with interest thereon at the rate of two percent 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 "~verage final com- pensation'' shall be taken to mean the average annual creditable compensation of a member during the three consecutive years of creditable service in which such compensation was at its greatest ~mount, or during the entire period of his creditable service, if less than three years. Beneficiary. The word "beneficiary" shall be taken to mean any person entitled to receive benefits of any kind under 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. Creditable compensation. The term "creditable compensa- tion'' shall be taken to mean the full compensation payable to an employee working the full working time for his position; in cases