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R-14-11 A RESOLUTION ELECTING THE ALTERNATE RATE OF 9.67% AS THE CITY OF PORTSMOUTH'S VIRGINIA RETIREMENT SYSTEM CONTRIBUTION RATE FOR THE BIENNIAL BUDGET EFFECTIVE JULY 1, 2014. BE IT RESOLVED that the City of Portsmouth does hereby acknowledge that its contribution rates effective July 1, 2013 shall be based on the higher of a) the contribution rate in effect for FY 2012, or b) eighty percent of the results of the June 30, 2013 actuarial valuation of assets and liabilities as approved by the Virginia Retirement System Board of Trustees for the 2014-16 biennium (the "Alternate Rate)) provided that, at its option, the contribution rate may be based on the employer contribution rates certified by the Virginia Retirement System Board of Trustees pursuant to Virginia Code §51.1-145(I) resulting from the June 30, 2013 actuarial value of assets and liabilities (the "Certified Rate"); and BE IT FURTHER RESOLVED that the City of Portsmouth does hereby certify to the Virginia Retirement System Board of Trustees that it elects to pay the Alternate Rate of 9.67%; BE IT FURTHER RESOLVED that the City of Portsmouth does hereby certify to the Virginia Retirement System Board of Trustees that it has reviewed and understands the information provided by the Virginia Retirement System outlining the potential future fiscal implications of any election made under the provisions of this resolution; and BE IT FURTHER RESOLVED that the City Manager and the Chief Financial Officer are hereby authorized and directed in the name of the City of Portsmouth to carry out the provisions of this resolution, and said City officers are authorized and directed to pay over to the Treasurer of Virginia from time to time such sums as are due to be paid by City of Portsmouth for thus purpose. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on May 27, 2014. Teste: City Clerk