Minutes 07/27/1999 - Laserfiche WebLink

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July 27, 1999 NOW, THEREFORE, BE IT RESOLVED that effective the first pay day on or after the later of July 27, 1999 or the date the member executes a binding and irrevocable salary reduction election relating to the past service permitted to be purchased, the City of Portsmouth shall pick up all or a portion of the member contributions of its employees to VRS based on the terms of the salary reduction election, and such contributions shall be treated as employer contributions in determining tax treatment under the Internal Revenue Code of the United States; and BE IT FURTHER RESOLVED, the binding salary reduction election to be executed by the member shall include the following: (1) the beginning and ending date of the election, (2) the amount of the salary reduction on a pay period by pay period basis, (3) the total amount of contribution expected to be involved, (4) a statement that the member may not receive the contributed amounts instead of having them paid by the City of Portsmouth to the VRS, and (5) an agreement that the member will not purchase the service credit through a lump sum payment during the period in which the salary reduction election is in effect; BE IT FURTHER RESOLVED, the member may revoke the salary reduction election only in the event of an unforeseeable emergency as that phrase is used and defined in IRC Section 457 and Treasury Regulation Section 1.457-2(h)(4) and if such a revocation is made, the member may not make a new salary reduction election during his period of employment; BE IT FURTHER RESOLVED that such contributions, although designated as member contributions, are to be made by the City of Portsmouth in lieu of member contributions; and BE IT FURTHER RESOLVED that pick up member contributions shall be paid from the same source of funds as used in paying the wages to affected employees; and BE IT FURTHER RESOLVED that member contributions made by the City of Portsmouth under the pick up arrangement shall be treated for all purposes other than income taxation, including but not limited to VRS benefits, in the same manner and to the same extent as member contributions made prior to the pick up arrangement; and BE IT FURTHER RESOLVED that nothing herein shall be construed so as to permit or extend an option, to VRS members to receive the pick up contributions made by the City of Portsmouth directly instead of having them paid to VRS; and BE IT FURTHER RESOLVED that notwithstanding any contractual or other provisions, the wage of each member of VRS who is an employee of the City of Portsmouth shall be reduced by the amount of member contributions picked up by the City of Portsmouth on behalf of such employee pursuant to the foregoing resolutions." Ayes: Benn, Griffin, Moody, Pitts, Robinett, Whitehurst Nays: None 99 - 172 - Adoption of a resolution authorizing the City Manager to enter into a license agreement with Hyperion Communications and to grant Hyperion permission to install telecommunications facilities in the City's right-of-way as part of a regional system. This action will enhance the provision of additional telecommunications services throughout the region by providing local dial tone and data services to businesses and residences. Recommendation: · Adoption of a resolution authorizing the City Manager to enter into a license agreement with Hyperion Communications and to grant Hyperion permission to install telecommunications facilities in the City's rights-of-way as part of a regional system. Purpose and Need: · To enhance the provision of additional telecommunications services throughout the region. · This new business will be providing local dial tone and data services to businesses and residences.