Legislation # 14-0232 Enactment Number none
Type Resolution Effective Date none
Introduction Date 6/11/2014
Title Resolution Concerning Virginia Retirement System Employer Contribution Rates for Counties, Cities, Towns, School Divisions and Other Political Subdivisions (In accordance with the 2014 Appropriation Act Item 468(H))
 
Legislation History 14-0232
DateNotice Of ActionDescription
6/11/2014 Approved - items 1 through 8 and 12 through 17 on the consent agenda.
5/20/2014 Received By Clerk's Office
 
View Attachments 14-0232
FileTypeSizeDescription
CERTIFICATE.docx Other 14K Clerk Certification
 
Legislation Text 14-0232

 

City of Hampton, Virginia

Resolution

22 Lincoln Street

Hampton, VA 23669

www.hampton.gov

 

File Number: 14-0232

 

Enactment Number: -

 

Resolution Concerning Virginia Retirement System Employer Contribution Rates for Counties, Cities, Towns, School Divisions and Other Political Subdivisions (In accordance with the 2014 Appropriation Act Item 468(H))

 

RESOLUTION

BE IT RESOLVED, that the City of Hampton 55207 does hereby acknowledge that its contribution rates effective July 1, 2014 shall be based on the higher of a) the contribution rate in effect for FY 2014, or b) eighty percent of the results of the June 30, 2013 actuarial valuation of assets and liabilities as approved by the Virginia Retirement System Board of Trustees for the 2014-16 biennium (the Alternate Rate) provided that, at its option, the contribution rate may be based on the employer contribution rates certified by the Virginia Retirement System Board of Trustees pursuant to Virginia Code 51.1-145(I) resulting from the June 30, 2013 actuarial value of assets and liabilities (the Certified Rate); and

 

BE IT ALSO RESOLVED, that the City of Hampton 55207 does hereby certify to the Virginia Retirement System Board of Trustees that it elects to pay the following contribution rate effective July 1, 2014:

 

(Check only one box)

X

 
 


The Certified Rate of 18.44%

 


The Alternate Rate of 15.34%; and

 

BE IT ALSO RESOLVED, that the City of Hampton 55207 does hereby certify to the Virginia Retirement System Board of Trustees that it has reviewed and understands the information provided by the Virginia Retirement System outlining the potential future fiscal implications of any election made under the provisions of this resolution; and

 

NOW, THEREFORE, the officers of the City of Hampton 55207 are hereby authorized and directed in the name of the City of Hampton to carry out the provisions of this resolution, and said officers of the City of Hampton are authorized and directed to pay over to the Treasurer of Virginia from time to time such sums as are due to be paid by the City of Hampton for this purpose.

 

 

Adopted at the regular meeting of the City Council of the City of Hampton, Virginia held on June 11, 2014.

 

 

 

Signed by ____________________________ Date _________________

George E. Wallace, Mayor

 

 

 

 

Attested by ____________________________ Date _________________

Katherine K. Glass, CMC

Clerk of the Council