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,,~ S '~. 2016~;~89 ~~ .... ~ r AN ORDINANCE TO AMEND AND REORDAIN CHAPTER 30 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) PERTAINING TO THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM AND THE PORTSMOUTH FIRE AND POLICE RETIREMENT SYSTEM FOR THE PURPOSE OF UPDATING THE CODE TO COMPLY WITH FEDERAL LAWS AND REGULATIONS AND MAHING VARIOUS ADDITIONAL MODIFICATIONS. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: L That Chapter 30 of the Code of the City of Portsmouth, Virginia (2006) be amended and reordained as shown on Exhibit A hereto, which is made a part hereof. The amendments shown on Exhibit A include: (a) amending the following existing Code sections: Section 30-26 (Definitions), Section 30-34 (Cash deposits to meet disbursements), Section 30-36 (Alteration, amendment or repeal of provision of article), Section 30-52 (Composition; appointment, term, suspension or removal and compensation of members; vacancies), Section 30-55 (Employment of actuary; expenditures), Section 30-58 (To be trustee of funds; investments), Section 30-59 (Prohibited interest of members), Section 30-60 (Fiscal officer; funds generally; commingling of funds with funds of fire and police retirement), Section 30-76 (Composition), Section 30-97 (Effective of cessation of membership), Section 30-131 (Reduction of disability retirement allowance), Section 30-151 (Definitions), Section 30-159 (Cash deposits to meet disbursements), Section 30-161 (Alteration, amendment or repeal provisions of article), Section 30-178 (Employment of actuary; expenditures), Section 30-181 (To be trustee of funds; investments), Section 30- 182 (Prohibited interest of members), Section 30-183 (Fiscal officer; funds generally, commingling of funds with funds of Portsmouth Supplemental Retirement System; how payments made), and Section 30-217 (Effect of cessation of membership); and (b) adopting a new Division 6 of Article II of Chapter 30 titled "Maximum Benefits and Other Limitations and Special Rules" and including new Sections 30-135 (Limitation on creditable compensation taken into account), 30-136 (Limitation on annual benefit and special vesting rules), 30-137 (Required minimum distributions), 30-138 (Rollover rules), and 30-139 (Military service); and (c) adopting a new Division 6 of Article III of Chapter 30 titled "Maximum Benefits and Other Limitations and Special Rules" and including new Sections 30-253 (Limitation on creditable compensation taken into account), 30-254 (Limitation on annual benefit and special vesting rules), 30-255 (Required minimum distributions), 30-256 (Rollover rules), and Section 30-257 (Military service). 2. That this Ordinance shall take effect on the date of its adoption. ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held on November 22, 2016.