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June 12, 2012 <br />1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. <br />Motion by Mr. Edmonds, and seconded by Mr. Heretick, to adopt the following <br />resolution, and was adopted by the following vote: <br />12-241(A) <br />"RESOLUTION ELECTING THE ALTERNATE RATE OF 8.27% AS THE CITY OF <br />PORTSMOUTH'S VIRGINIA RETIREMENT SYSTEM CONTRIBUTION RATE FOR <br />THE BIENNIAL BUDGET EFFECTIVE JULY 1, 2012. <br />BE IT RESOLVED that the City of Portsmouth does hereby acknowledge that its <br />contribution rates effective July 1, 2012 shall be based on the higher of a) the <br />contribution rate in effect for FY 2012, or b) seventy percent of the results of the June <br />30, 2011 actuarial valuation of assets and liabilities as approved by the Virginia <br />Retirement System Board of Trustees for the 2012-14 biennium (the "Alternate Rate)) <br />provided that, at its option, the contribution rate may be based on the employer <br />contribution rates certified by the Virginia Retirement System Board of Trustees <br />pursuant to Virginia Code §51.1-145(1) resulting from the June 30, 2011 actuarial value <br />of assets and liabilities (the "Certified Rate"); and <br />BE IT FURTHER RESOLVED that the City of Portsmouth does hereby certify to <br />the Virginia Retirement System Board of Trustees that it elects to pay the Alternate Rate <br />of 8.27%; <br />BE IT FURTHER RESOLVED that the City of Portsmouth hereby certify to the <br />Virginia Retirement System Board of Trustees that it has reviewed and understands the <br />information provided by the Virginia Retirement System outlining the potential future <br />fiscal implications of any election made under the provisions of this resolution; and <br />BE IT FURTHER RESOLVED that the City Manager and the Chief Financial <br />Officer hereby authorized and directed in the name of the City of Portsmouth to carry <br />out the provisions of this resolution, and said City officers are authorized and directed to <br />pay over to the Treasurer of Virginia from time to time such sums as are due to be paid <br />by City of Portsmouth for this purpose." <br />Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright <br />Nays: None <br />Motion by Mr. Heretick, and seconded by Mr. Whitehurst, to adopt the following <br />resolution, and was adopted by the following vote: <br />12-241(6) <br />"RESOLUTION CERTIFYING THAT CITY OF PORTSMOUTH EMPLOYEES WHO <br />ARE VIRGINIA RETIREMENT SYSTEM MEMBERS ARE REQUIRED TO <br />CONTRIBUTE 5% OF THEIR CREDITABLE COMPENSATION BEGINNING ON JULY <br />1, 2012. <br />WHEREAS, the City of Portsmouth employees who are Virginia Retirement <br />System members who commence or recommence employment on or after July 1, 2012 <br />("FY2013 Employees"), shall be required to contribute five percent of their creditable <br />compensation by salary reduction pursuant to Internal Revenue Code §414(h) on a pre- <br />tax basis upon commencing or recommencing employment; and <br />WHEREAS, the City of Portsmouth employees who are Virginia Retirement <br />System members and in service on June 30, 2012, shall be required to contribute five <br />percent of their creditable compensation by salary reduction pursuant to Internal <br />Revenue Code § 414(h) on a pre-tax basis no later than July 1, 2016; and <br />