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299'
<br />
<br />Nm¥~ml~F~r ?~/ I
<br />
<br /> The resolution I have had prepared for your consideration will, if approved, enable the
<br />City to become a participating employer of VSRS and The VSRS life insuranze program as
<br />requested by those employees. It will transfer all present members of PESRS (and most retiree
<br />and all vested former employees) to the VSRS system effective December 1, 1984. All new
<br />employees, except for those eligible to become members of the Fire and Police Retirement
<br />System will, by state law, be required to become members of FSRS.
<br />
<br /> The attached ordinance I have had prepared, if favorably considered by the Council,
<br />accomplishes the second action and final legal requirement of dissolving the PESRS and making
<br />some technical changes in the retirement system established in October.
<br />
<br /> Under the provisions of the VSRS statutes one cannot be an employee of a participating
<br />VSRS employer and a pensioner~at the same time. Ther~£ore, in order to be equ:itable, I am
<br />proposing that present City retirees who are now working for VSRS participating employers,
<br />be retained in the Portsmouth Supplemental Retirement System.
<br />
<br /> The City Council should be aware that under current law once the VSRS option is chosen
<br />by adoption of these two actions, that it becomes binding and irrevocable insofar as all
<br />future employees except those who are elibible to participate in the Fire and Police Retire-
<br />ment System. For those who are eligible for F ~ P Retirement participation, nothing will
<br />change and new eligible employees will be members of that system.
<br />
<br />I recommend adoption of the attached resolution and ordinance.
<br />
<br /> On motion of Mr. Beamer and seconded by Mrs. Webb, the following resolution was adopted
<br />and by the following vote:
<br />
<br />"A RESOLUTION ELECTING TO PERMIT CITY EMPLOYEES WHO ARE MEMBERS OF THE PORTSMOUTH
<br /> EMPLOYEES SUPPLEMENTAL RETIRE~-[ENT SYSTEM (PESRS) TO PARTICIPATE IN THE VIRGINIA
<br /> SUPPLEMENTAL RETIREMENT SYSTEM AND GROUP LIFE INSURANCE PROGRAM.
<br />
<br /> WHEREAS, the City of Portsmouth operates and maintains a retirement system known as the
<br />~P~mt$~he~o~eK~!Supplemental Retirement System as established in Article I of Chapter
<br /> 31 of the Code of the City of Portsmouth, Virginia; and
<br />
<br /> WHEREAS, the City Council has conducted a referendum and received petitions from a
<br />majority of the members of the Portsmouth Employees Supplemental Retirement System requesting
<br />the City Council to adopt a resolution to permit the members to become eligible in and have
<br />their creditable service transferred to the Virginia Supplemental Retirement System (VSRS)
<br />pursuant to Section 51-111.$~ of the Code of Virginia, 1950, as amended; and
<br />
<br /> WHEREAS, the members of the Fire and Police Retirement System as established by Chapter
<br />31, Article II and the Portsmouth Supplemental Retirement System as established by Article IV
<br />of Chapter 31 of the Code of the City of Portsmouth, Virginia have not requested that such a
<br />resolution be adopted nor such option be afforded either of these retirement systems;
<br />and
<br />
<br /> WHEREAS,
<br />request of the members of t~mPortsmouth
<br />approved.
<br />
<br />it is the opinion of the Council of the City of Portsmouth, Virginia, that the
<br />
<br />Supplemental
<br />
<br />Retirement
<br />
<br />System should be
<br />
<br /> NOW, THEREFORE, it is hereby resolved by the Council of the City of Portsmouth, Virginia
<br />that it elects to have those current employees, retired employees and vested former employees
<br />who are members of the Portsmouth Employees Supplemental Retirement System and all future
<br />employees who are regularly employed full time on a salary basis and whose tenure is!not rest~
<br />as to temporary or provisional appointment, except for present and future employees ~ho are
<br />eligible for membership in the City of Portsmouth Fire and Police Retirement System as set out
<br />in Chapter 31, Article II, of the Code of the City of Portsmouth, Virginia, as such Code has
<br />been or may be amended from time to time, to become eligible to participate in the Virginia ~
<br />Supplemental Retirement System effective December 1, 1984, as set out in Title 51, Chapter 3.2
<br />Section 51.111.9 through Section 51.111.67, and hav~ those current employees participate in
<br />the Group Life Insurance Program, effective December 1, 1984, as set out in Section 51-111.67:
<br />through Section 51-111.67:12 of the Code of Virginia~, as such Code has been or may be amended
<br />from time to time.
<br />
<br /> BE IT FURTHER RESOLVED that the City Council hereby requests the Board of Trustees of the
<br />Portsmouth Employees Supplemental Retirement System to transfer such funds, as determined
<br />sufficient by the Director of Finance of the City of Portsmouth, and agreed to by the Board
<br />of Trustees of the Virginia Supplemental Retirement System, to the Virginia Supplemental
<br />Retirement System to pay for the members creditable service to the City earned prior to
<br />December 1, 1984.
<br />
<br /> BE IT FURTHER RESOLVED that the City Manager is hereby authorized and directed to pay
<br />from existing appropriations the cost associated with membership in the Virginia Supplemental
<br />Retirement System for those members of the Portsmouth Employees Supplemental Retirement System
<br />who as of December 1, 1984 become members of the Virginia Supplemental Retirement System. The
<br />City Manager is also authorized and directed to include in future operating budgets ~ubmitted
<br />to the City Council for appropriation, sums sufficient to defray all costs associated with
<br />the employees' membership in the Virginia Supplemental Retirement System. In additi6n, the
<br />City Manager is authorized and directed to include in future operating budgets submitted to
<br />the City Council for appropriation an amount which at a minimum shall be the required employ~er
<br />
<br />Employees
<br />
<br />
<br />
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