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R-04-03 <br /> <br />A RESOLUTION AUTHORIZING THE SETTLEMENT OF CLAIMS MADE BY <br />CERTAIN MEMBERS OF THE PORTSMOUTH FIRE AND POLICE RETIREMENT <br />SYSTEM. <br /> <br /> WHEREAS in 1974 Portsmouth City Council amended the City Code to commit to <br />future annual cost of living adjustments for all retirees under the Portsmouth Fire and Police <br />Retirement System; and <br /> <br /> WHEREAS this provision was repealed by City Council and removed from the City <br />Code in 1976; and <br /> <br /> WHEREAS a certain number of individuals retired into said retirement system during <br />this approximately two-year time period; and <br /> <br /> WHEREAS since that time various City Councils have granted increases in retiremem <br />compensation to these retirees, but these increases have been less than the amount duly <br />calculated cost of living adjustments would have been; and <br /> <br /> WHEREAS there are now currently approximately twenty-two such retirees and five <br />survivors receiving benefits from said retirement system; and <br /> <br /> WHEREAS there are possible legal claims of these approximately twenty-seven retirees <br />and survivors to additional retirement compensation, with these claims being based uniquely and <br />solely on their retiring during the period when the Portsmouth City Code committed to future <br />cost of living adjustments; and <br /> <br /> WHEREAS these approximately twenty-seven retirees and survivors have been seeking <br />adjustments to retirement compensation based on cost of living adjustments for several years, <br />without success; and <br /> <br /> WHEREAS City Council desires to provide equitably for these approximately twenty- <br />seven retirees and survivors, to avoid the possibility of litigation, and also to safeguard the <br />fiancial interests of the Fire and Police Retirement System and City taxpayers; and <br /> <br /> WHEREAS the City Manager and City Attomey have negotiated the principles of a <br />settlement of these possible claims, subject to City Council approval, and these principles have <br />been agreed to by all said retirees and survivors; <br /> <br /> NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, <br />Virginia, that the City Manager and the City Attorney are hereby authorized to finally settle, <br />resolve and compromise these claims by the payment to each of said approximately twenty- <br />seven retirees and survivors a lump sum, calculated with regard to the applicable statute of <br />limitations, and also a prospective adjustment to future retirement compensation, calculated with <br />regard to the difference between actual increases in retirement compensation granted and <br />increases which would have been granted with duly calculated cost of living adjustments, with <br />any possible additional future increases to be in the sole legislative discretion of City Council, <br /> <br /> <br />