Minutes 02/23/1988 - Laserfiche WebLink

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598 ~ebrua~y 23, i988 In order for all City of PortsmouSh employees to have the option to retire at age 55 With 30 years of service, I recommend that City Council also amend the Portsmouth retirement Code tDprovide a similar option to members~of the Portsmou~h~S~plemen~l Retireme~t~Sys'~em!(~SRS)- ~Tb~s~¢~ange~ Would,not be!required for the Fire and Police Retirement System since it currently provides for retirement with 25~e.ars'"~o~ service regardless of age. At its January 1988 board meeting the Portsmouth Retirement Board~una~imouslyapproved!i~a~'motion reco~en~ing.!~approval of ~the 55/30 ~et~rement benefl~ ~Or ~ot ~PSRS~a~d.~VSRS.~employees. Th~s~rO~6sed~cesolution would adop%:'the 155~30~o~tiOn foc City employees who are members of VSRS. I recommend this proposed resolution for your adoption as well as the proposed ordinan~e~so that all City employees will be~etigible for retirement at age 55 with 30 years~of~service. a~i). ©n~mo~ion'.of Mrs. Lucas and seconded by Mr. Simpson, the following~ordinance was adopted~ and by the following vote: "AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, viRGiNiA~/1973, ~By AMENDING~SECTIONS 31-262 AND'31~263, THEREOF, PERTAINING TO SERVICE RETIREMENT AND SERVICE RETIREMENT ALLOWANCE, TO PROVIDE FOR EARLY RETIREMENT FOR MEMBERS OF THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM." Ayes: Barnes, Corprew, Gray, Lucas, Simpson, W~lliams, Webb Nays: None b.) On motion of Mrs. Lucas and seconded by Mr. Gray, the following resolution was adopted, and byothe following vote: "A RESOLUTION PROVIDING FOR~EARLY RETIREMENT OF CITY EMPLOYEES WHO ARE MEMBERS OF THE VIRGINIA SUPPLEMENTAL RETIREMENT SYSTEM. WHERkAS, the General Assembly ~f. Vi=ginia has adopted legislation amending the Virginia Supplemental Retirement Act to provide for early retirement for~ertain State employees who have attained the age of fifty-five (55) and have at least thirty (30) y~s service; and ~ WHEREAS, said early retirement for qualifying members~ does not require a reduction in benefits of such members; and WHEREAS, said legislation also provides that a local gover~m~'~t~may' ~l~ct to have its employees who are members of the Virginia Supplemental Retirement System qualified for early retirement benefits; and WHEREAS, the City of Portsmouth has employees who are members Of~'~the vir~'i~ia Supplementai~ Ret'ir~ment System; and w~E~E~S,;provision of unreduced ~lyretirement bene~it~ will not require an increase in the b~sic contribution rate paid by the City to Virginia Supplemental Retirement System for the employees of the City. NOW, THEREFORE, BE IT RESOLVED by the Council of the City of Portsmouth, Virginia, that it hereby elects to provide early retirement without reduction of benefits for its employees who are members of the Virginia Supplemental Retirement System who have attained the age of fifty-five (55) years and have at least thirty (30) years service, as provided in Sections 51-111.53, 51-111.55.1 and 51-111.60.1, Code of Virginia, 1950, as amended."