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• V I R G 1 N I A
RESOLUTION NO. 96-25
VIRGINIA RETIREMENT SYSTEM
WHEREAS, the Virginia General Assembly, the, Governor, and the Board of Trustees of the
Virginia Retirement System recognize the growing liability of all employers participating in the
Virginia Retirement System as a result of the current practice of funding annual cost of living
increases to retirees on spay-as-you-go basis; and
WHEREAS, the Virginia General Assembly and the Governor have provided, in the budget for the
1996-98 biennium, funds to reach a level that would fully fund the cost of living increases over a
five year period beginning in fiscal year 1998 for state employees and public school teachers; and
WHEREAS, pursuant to their authority as set forth in Section 51.1-145 of the Code of Virginia,
• the Board of Trustees of the Virginia Retir~-ent System has agreed to allow political subdivisions
the option of making contributions begiru~ing in fiscal year 1998 that would either (1) begin to fully
fund the cost of living increases for their employees immediately, or (2) to reach a level to fully
fund the cost of living increases over a five year period.
• NOW, THEREFORE BE IT RESOLVED by the Town Council of the Town of Pulaski, Pulaski,
Virginia:
That it hereb elects to ~b '~~ ' to full fund the cost of li ' ~ ~ ~"'
Y ~ y vu~gincreases~for~ts-retirees immediately
begiruung on July 1,.1997. - - : ~`~
This Resolution is effective upon adoption and is adopted by the duly recorded vote of the Town
Council of the Town of Pulaski, Virginia, on this 2nd day of July, 1996, as follows: .
John A. Johnston -Ave Charles W. Stewart,Jr. ~_ '
~ Lane R. Penn -Ave W. Edgar Hale ~-
Bettye H. Steger -Aye Pauline G. Nfitchell -,4,ye
W. H. Schrader, Jr. -Aye James ,M. Neblett _ -~l~
:~: _ -
By:
. H. S r, Jr., Vice May
Attest:
• ,~~~_ ~~
Ruth A. Harrell
Clerk of Council
•