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R-10-18 A RESOLUTION CONCERNING ELIMINATION OF THE SOCIAL SECURITY OFFSET FOR PERSONS RETIRED UNDER THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM. WHEREAS, prior to 1984 all Portsmouth general employees were members of the Portsmouth Supplemental Retirement System ("PSRS"); and WHEREAS, of the general employees who chose to stay in PSRS, there are presently approximately fifty-two who are currently active employees and approximately 388 who are retired and are receiving retirement compensation; and WHEREAS, PSRS is structured so that when an employee begins receiving Social Security, his or her PSRS retirement compensation is reduced by a portion of the amount received from Social Security, commonly known as the "Social Security Offset," and VRS does not have a Social Security Offset; and WHEREAS, the Social Security Offset causes some degree of hardship to all PSRS retirees, and it causes extreme financial hardship for some PSRS retirees whose retirement compensation is already at a very low level before the Social Security Offset, NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia: 1. That City Council hereby plans to eliminate the Social Security Offset for all members ofPSRS, 2, The City Manager is directed to recommend to City Council a plan by which this goal can be accomplished in phases over a three-year period, commencing with the FY2011-12 operating budget. 3, In preparing the plan, the City Manager shall work with the PSRS Trustees, The plan shall be prepared with careful thought and due diligence, it shall honor established actuarial principles, and it shall identify the additional annual appropriations required so as not to increase the unfunded liabilities ofPSRS. 4, The City Attorney shall prepare an ordinance or ordinances to implement the plan, Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on May 25, 2010, Teste: City Clerk