Minutes 05/28/2013 - Laserfiche WebLink

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May 28, 2013 Discussion: • Two definitions will be added to Section 16-1; "Approved Container" and "Recyclables". • In Section 16-9 (a), 16-32(a), 16-33 and 16-36, where the current city code says refuse, recycling will also be added. • In Section 16-36 Times and dates containers and Bulk refuse to be placed for collection, we have added frequency to clarify that household trash shall continue to be collected one time per week, and that recyclables shall be collected every other week on the same day as waste collection. Financial Impact: • There is no financial impact. Recommended Action: • Adoption of the ordinance. Vision Principle: Efficient, Responsive Government. Next Steps Following Council Action: • The City Code will be updated. Motion by Mr. Moody, and seconded by Ms. Psimas, to adopt the following ordinance, and was adopted by the following vote: "ORDINANCE TO AMEND CHAPTER 16 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (2006) BY AMENDING SECTIONS 16-1, 16-9, 16-32, 16- 33 AND 16-36 THEREOF PERTAINING TO GARBAGE AND REFUSE." Ayes: Cherry, Edmonds, Meeks, Moody, Psimas, Wright Nays: None 13 - 223 -Adoption of an ordinance to amend Chapter 30 of the Code of the City of Portsmouth, Virginia (2006) by amending Sections 30-117(a) and 30-119(a), and by repealing section 30-133, entitled "Social Security benefits," to eliminate the "Social Security offset" reduction of benefits for retirees under the Portsmouth Supplemental Retirement System. Vision Principles: A Robust Economy for Working Men and Women and Pride of Past. Background: • Sections 30-117 and 30-119 of the City Code require that the pensions of Portsmouth Supplemental Retirement System (PSRS) retirees be reduced by up to 50% of their Social Security benefit when the retiree reaches age 65. • On May 25, 2010, Council adopted a resolution directing the City Manager to develop a plan to fund elimination of the Social Security offset for PSRS retirees. • On February 26, 2013, Council was briefed on the cost of eliminating the Social Security Offset for the PSRS Plan, and how the pension obligation bonds (POBs) could be structured to include the cost. The City plans to fund the Social Security Offset liability by including that cost in the POBs, and structure the debt to minimize the annual additional debt service. • On April 23, 2013, Council approved the issuance and sale of the POBs, to include the cost of eliminating the Social Security Offset. Discussion: • Numerous PSRS retirees and active employees reported to City Council that they were not informed of the offset in 1984 when they were offered an opportunity to join the Virginia Retirement System (VRS). • As a result of the lack of information, the retirees reported that they did not elect to move to VRS, which has no comparable Social Security offset. • Elimination of the offset will eliminate a significant financial hardship currently suffered by PSRS retirees upon turning 65. • The Social Security Offset will be eliminated for payment for benefit payments payable on or after July 1, 2013.