Laserfiche WebLink
The~ <br />about the <br />retiremer <br />analysis <br />Commonwe~ <br />greatly <br />Accordinc <br /> <br /> Bas <br />am recom~ <br />Portsmoul <br />Supplemer <br /> <br />593 <br /> <br />April 30, 1991 <br /> <br />e has been much public discussion in the Commonwealth <br /> real and potential benefits of a special early <br />t program that is being offered through VRS. A careful <br />of the Early Retirement Program offered by the <br />lth has convinced me that any short-term savings would <br />utweighed by the substantial long-range costs. <br />ly, I am not recommending such a program. <br /> <br />d on requests:~yhi_ch:ihave ~een submitted by employees, I <br />ending several changes in the Retirement Code for the <br />h Fire and Police Retirement System and the Portsmouth <br />tal Retirement System as indicated below: <br /> <br />T~e current provisions of our local retirement <br />s~ stems provide for 1/3 of accumulated unused ~lck <br />l(ave to be added to creditable service upon <br />retirement. I am recommending that the Retirement <br />C(.de be changed to allow 1/2 Of accumulated unhsed <br />s~ck leave to be included as creditable service <br />E( r retirement purposes. This provision will <br />a~ ~ty to both local retirement systems. <br /> <br />T1 Portsmouth Sup~ lemental Re,t irement System <br />c~ rrently has a provision whicn allows fo~ la <br />r( duced early retirement option for employ~e~. <br />U~.der this provision, an employee may retire u9 ~o <br />6( '.months early; with a reduction in penBi~n <br />ar~oun~ of 1/2% per month for each month that ti~e <br />d~ te of early retirement precedes the regRl~r <br />r(.tlrement date. I am recommending that a slmllgr <br />p]'ovis ion ~ be added to the Fire and Peli~e <br />~t lrement ~ystem. This is not the un_educed <br />e~ rly retlrement provision that was reques~e~ by <br />o ir public safety personnel, however, it ill <br />p 'ovlde an opportunity for early retirement f~r <br />m ~mbers of the Fire and Police Retirement System <br />w .thout increasing cost. <br /> <br />U~til several ye~r~, agg~ th~e_~lCity Code included a <br />m~ndatory retirement age for f iref ighters agd <br />police officers. I am recommending that the <br />m ~ndatory retirement age of 62 be reinstituted. <br /> <br />TI <br />t] <br /> <br />r~ <br /> <br />be <br /> <br />5 <br />R~ <br /> <br /> The <br />an $.08 <br />the Publ <br />well as <br />to the G~ <br />water fa' <br /> <br />Componen' <br />Water Ra <br />Sewage R~ <br /> <br />~e Portsmouth Supplemental Retirement Syste~ a,nd <br />~e Fire and Police Retirement System presentiy <br />.quire 10 years of service for vesting. I am <br />~commending that the vesting period be changed ~to <br />, years, as is the case' with the Virginia <br />.t irement System. <br /> <br />Public Utilities <br /> <br />budget recommends a $.05 increase in the wa~er rate and <br />.ncrease in the sewer rate. 'These adjustments will allow <br />.c Utilities Fund to be financially sea,-supporting, as <br />~eturn a dividend to the citizens in the for~ o~ revenue <br />~neral Fund. Even with the rate adjustments, P~rtsmouth' <br />~es will be the lowest in the region. <br /> <br />: Present Rate <br />~e ~1.55/I000 gals <br />~te $0.8288/1000 gals <br /> <br /> Impac~ <br /> Bimon%hl¥ <br />Proposed Rate Average Bill <br />$1.60/1000 gals $0.~6 <br />s0.9090/1000 ~als $0.~0 <br /> <br /> <br />