2016 ORDINANCES - Laserfiche WebLink

Home Browse Search

EXHIBIT A 1. The definitions listed below contained in Section 30-26 of the Code of the City of Portsmouth, Virginia (2006) are amended as follows. The definitions in Section 30-26 which are not listed below are not hereby amended. Sec. 30-26. - Defmitions. As used in this article, unless otherwise required by the context, the following words and terms shall have the meanings indicated: Actuarial equivalent means a benefit of equal value when computed upon the basis of such actuarial tables as are adopted by the board. Such benefits shall not be subiect to emplover discretion. The actuarial tables adopted by the board for this purnose are incorporated into this article as part of the system's plan document. System means the Portsmouth Supplemental Retirement System'=' provided for in this article. The provisions of this article are intended to meet the requirements of Section 401(a) of the Internal Revenue Code (as such section maybe amended or renumbered. or any successor provision theretol and the reeulations thereunder applicable to uovernmental plans. 2. Section 30-34 of the Code of the City of Portsmouth, Virginia (2006) is amended as follows: Sec. 30-34. -Cash deposits to meet disbursements. For the purpose of meeting disbursements for retirement allowances and other payments, there may be kept available cash, «~~ ,. ..a;«~ 4,.~ _ «4 .. ~4,.,. ~,-.~,.i ..~ .., ~t,,. „ __~.,, l,r on deposit in one or more banks or trust companies that are designated by the council as depositories for funds of the city. The board shall not be liable for any loss sustained as to such funds that are on deposit in such banks or trust companies. 3. Section 30-36 of the Code of the City of Portsmouth, Virginia (2006) is amended by adding a new subsection (fJ as follows. The remainder of Section 30-36 is not hereby amended. Sec. 30-36. -Alteration, amendment or repeal of provisions of article. A-1