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June 12, 2012 <br />WHEREAS, such employees in service on June 30, 2012, shall contribute a <br />minimum of an additional one percent of their creditable compensation beginning on <br />each July 1 of 2012, 2013, 2014, 2015, and 2016, or until the employees' contributions <br />equal five percent of creditable compensation; and <br />WHEREAS, the City of Portsmouth may elect to require such employees in <br />service on June 30, 2012, to contribute more than an additional one percent each year, <br />in whole percentages, until the employees' contributions equal five percent of creditable <br />compensation; and <br />WHEREAS, the second enactment clause of Chapter 822 of the 2012 Acts of <br />Assembly requires an increase in total creditable compensation, effective July 1, 2012, <br />to each such employee in service on June 30, 2012, to offset the cost of the member <br />contributions, such increase in total creditable compensation to be equal to the <br />difference between five percent of the employee's total creditable compensation and the <br />percentage of the member contribution paid by such employee on January 1, 2012. <br />NOW THEREFORE BE IT RESOLVED that the City of Portsmouth does hereby <br />certify to the Virginia Retirement System Board of Trustees that it shall effect the <br />implementation of the member contribution requirements of Chapter 822 of the 2012 <br />Acts of Assembly according to the following schedule for the fiscal year beginning July <br />1, 2012: <br />Type of <br />Employee <br />Employer Paid <br />Member Contribution <br />Employee Paid <br />Member Contribution <br />Plan 1 <br />Plan 2 <br />FY 2013 Employees <br />and <br />0% <br />0% <br />0% <br />5% <br />5% <br />5% <br />BE IT FURTHER RESOLVED that such contributions, although designated as <br />member contributions, are to be made by the City of Portsmouth in lieu of member <br />contributions; and <br />BE IT FURTHER RESOLVED that pick up member contributions shall be paid <br />from the same source of funds as used in paying the wages to affected employees; and <br />BE IT FURTHER RESOLVED that member contribution made by the City of <br />Portsmouth under the pick up arrangement shall be treated for all purposes other than <br />income taxation, including but not limited to VRS benefits, in the same manner and to <br />the same extent as member contributions made prior to the pick up arrangement; and <br />BE IT FURTHER RESOLVED that nothing herein shall be construed so as to <br />permit or extend an option to VRS members to receive the pick up contributions made <br />by the City of Portsmouth directly instead of having them paid to VRS; and <br />BE IT FURTHER RESOLVED that notwithstanding any contractual or other <br />provisions, the wages of each member of VRS who is an employee of the City of <br />Portsmouth shall be reduced by the amount of member contributions picked up by the <br />City of Portsmouth on behalf of such employee pursuant to the foregoing resolutions. <br />BE IT FURTHER RESOLVED that the City Manager and the Chief Financial <br />Officer are hereby authorized and directed in the name of the City of Portsmouth to <br />carry out the provisions of this resolution, and that said City officers are authorized and <br />directed to pay over to the Treasurer of Virginia from time to time such sums as are due <br />to be paid by the City of Portsmouth for this purpose." <br />Ayes: Cherry, Edmonds, Heretick, Moody, Randall, Whitehurst, Wright <br />Nays: None <br />