Minutes 09/10/2024 - Laserfiche WebLink

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September 10, 2024 WHEREAS, the City administers two closed retirement systems for former City employees, the Fire and Police Retirement System and the Portsmouth Supplemental Retirement System (the “Closed Retirement Systems”); and WHEREAS, by Ordinance 2019-74 adopted on October 22, 2019 City Council amended Sections 30-122 and 30-243 of Chapter 30 of the City Code to provide that no adjustment to retirement allowances under the Closed Retirement Systems would be allowed unless and until the systems are funded at no less than 80% of the actuarial accrued liability; and WHEREAS, retirement allowances, which result in a recurring increase in retirement fund expenditures, are distinct from supplements, which are generally paid from the General Fund and do not increase retirement system expenditures; and WHEREAS, from time to time City Council has appropriated fund balance to the General Fund for the payment of supplements to Closed Retirement System beneficiaries; and WHEREAS, City Council has not adopted any official policy regarding the payment of supplements, resulting in uncertainty for Closed Retirement System beneficiaries regarding when and if a supplement will be paid in a given fiscal year, as well as budgetary uncertainty for the City; and WHEREAS, City Council therefore desires to adopt a policy to govern consideration of the payment of supplements to Closed Retirement System beneficiaries; NOW THEREFORE BE IT RESOLVED by the Council of the City of Portsmouth, Virginia that it hereby adopts the following policy: 1. During the annual budget adoption process City Council shall determine whether, and in what amount, a supplement shall be paid to beneficiaries of the Closed Retirement Systems during the upcoming fiscal year. The City Manager may provide information and recommendations to assist with City Council’s evaluation. 2. City Council’s final determination shall be expressly set forth in the annual budget ordinances adopted by City Council at the first meeting in May. 3. After the budget adoption process is complete, the payment or amount of a supplement shall not be revisited until the consideration of the budget for the next fiscal year.” Ayes: Barnes, Hugel, Lucas-Burke, Moody, Tillage, Glover Nays: Whitaker - New Business - 24 - 258 - Boards and Commissions There were no appointments. 24 - 259 - Items Submitted by Council Members Dr. Whitaker asked for an update from City Manager Carter on the following:  Fire at 3846 Augustine Circle. ˗ Open Space Agreement. ˗ Mr. Moody spoke on the following:  Status on placement of manhole cover rings on Cedar Lane. ˗ Update on the multi-city bike trail and the lack of maintenance along the route. ˗  City Manager Carter will provide an update on both requests.