HomeMy WebLinkAbout2014-19Resolution 2014-19
Resolution Setting Contribution Rates for the Virginia Retirement System
BE IT RESOLVED, that the Town of Pulaski, Virginia-55387 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 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 2014-2016 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(1)
resulting from the June 30, 2013 actuarial value of assets and liabilities (the "Certified
Rate"); and,
BE IT ALSO RESOLVED, that the Town of Pulaski, Virginia-55387, does hereby certify to
the Virginia Retirement System Board of Trustees that it elects to pay the following
contribution rate effective July 1, 2014:
Q The Certified Rate of 13.11 % ^ The Alternate Rate of %; and
BE IT ALSO RESOLVED, that the Town of Pulaski, Virginia-55387 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 Town of Pulaski, Virginia-55387 are hereby
authorized and directed in the name of the Town of Pulaski, Virginia to carry out the
provisions of this resolution, and said officers of the Town of Pulaski, Virginia 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 Town of Pulaski, Virginia for this purpose.
This resolution is effective upon adoption and is hereby adopted by the duly recorded vote
of the Town Council of the Town of Pulaski, Virginia, sitting in regular session this 20th day
of May 2014, as follows:
Heather L. Steele -Aye
Gregory C. East -Aye
David L. Clark -Aye
ATTEST:
H.M. Kidd -Aye
Joseph K. Goodman -Aye
James A. Radcliffe -Aye
THE TOWN OF U SKI, VIRGINIA
J ffrey .Worrell, Mayor
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Patricia Cruise, Clerk of Council