Minutes 10/22/2019 - Laserfiche WebLink

Home Browse Search

October 22, 2019 “ORDINANCE ACCEPTING THE BID SUBMITTED BY CELLCO PARTNERSHIP D/B/A VERIZON WIRELESS FOR A NON-EXCLUSVIVE WIRELESS FACILITIES FRANCHISE AGREEMENT HAVING A TERM OF TEN YEARS WITH UP TO THREE RENEWAL TERMS OF FIVE YEARS EACH AUTHORIZING THE PLACEMENT OF WIRELESS FACILITIES WITHIN THE CITY’S PUBLIC WAYS.” Ayes: Battle, Clark, Glover, Lucas-Burke, Moody, Rowe Nays: None *Councilwoman Psimas briefly departs meeting. - Unfinished Business - 19 - 351 - Adoption of an ordinance to amend and reordain Article II and Article III of Chapter 30 of the Code of the City of Portsmouth, Virginia (2006) by amending Section 30-122 and Section 30-243 for the purpose of conditioning the adjustment of retirement allowances and the payment of supplements under the Portsmouth Supplemental Retirement System and the Portsmouth Fire and Police Retirement System. Tabled at the September 24, 2019 City Council Meeting. Background:  “Actuarial accrued liability” is an actuarial estimate of a pension system’s total liability.  It is generally recommended that pension systems should be funded at no less than 80% of the system’s actuarial accrued liability.  As of July 1, 2018 the Portsmouth Supplemental Retirement System was funded at 72.35% of its actuarial accrued liability.  As of July 1, 2018 the Portsmouth Fire and Police Retirement System was funded at 69.75% of its actuarial accrued liability. Discussion:  On September 10, 2019, there was a consensus of City Council that a supplement should be provided to eligible PSRS and PFPRS beneficiaries for FY 2020; however, Council also expressed concern about the funding status of the systems and raised the question of whether formal action should be taken to limit future retirement adjustments and supplements until such time as the systems are funded to recommended levels.  The ordinance presented for Council consideration amends the City Code to provide that the retirement systems must be at 80% of their actuarial accrued liability prior to City Council approval of any additional adjustments or supplements. Financial Impact:  The proposed ordinance is intended to promote the fiscal well-being of the Portsmouth Supplemental Retirement System and the Fire and Police Retirement System. Recommended Action:  Adoption of the ordinance. Next Steps Following Council Action:  The amendments will be incorporated into the City Code. Motion by Ms. Psimas, and seconded by Mr. Clark, to bring Item 19-351 back to the table, and was adopted by the following vote: Ayes: Clark, Glover, Lucas-Burke, Moody, Psimas, Rowe Nays: Battle 1. Mark Geduldig-Yatrofsky, P. O. Box 50141, spoke in opposition to this item. 2. Grover Holloman, 1912 Rosemary Lane, spoke in opposition to this item. 3. Jack Lilienthal, 159 Mariners Way, Moyock, NC, spoke in opposition to this item.