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To repeal City Code ? 22-113, concerning assets and contributions and employer contributions; to amend ch. 12, art. V, div. 2 of the City Code by adding therein a new section numbered 12-265.1, concerning funding of the Richmond Retirement System; to amend ch. 22, art. IV, div. 1 by adding therein a new section numbered 22-113.1, concerning assets and contributions and employer contributions; to amend ch. 22, art. V by adding therein a new section numbered 22-146, concerning vesting of members who elect to or become members of a VRS Retirement Plan; to amend ch. 22, of the City Code by adding therein a new art. XIII, consisting of ?? 22-341-22-343, concerning the transition to the Virginia Retirement System; and to amend City Code ?? 2-1244 and 2-1246, concerning deferred compensation, and 22-2, 22-52, 22-112, 22-142, 22-143, 22-145, and 22-317, all concerning the Richmond Retirement System, for the purpose of facilitating the transition to the Virginia Retirement System.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That section 22-113 of the Code of the City of Richmond (2020), as amended,
be and is hereby repealed as follows:
[Sec. 22-113. Assets and contributions; employer contributions.
(a) The participating employers in the Richmond Retirement System shall contribute annually an amount equal to the sum of the normal contribution and the accrued liability contribution.
(b) The normal contribution for the participating employer for any fiscal year shall be determined as the product of:
(1) The normal contribution rate as determined on July 1 one year prior to the first day of each fiscal year; and
(2) The total creditable compensation of the members for the fiscal year.
(c) The accrued liability contribution for the participating employer for any fiscal year shall be equal to the product of:
(1) The accrued liability contribution rate as determined on July 1 one year prior to the first day of each fiscal y...
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