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To support, subject to the approval of the Virginia Retirement System Board of Trustees, the election of the City of Richmond to join the Virginia Retirement System and to provide retirement benefits for its eligible employees beginning the first day of January 2024.
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WHEREAS, subject to the approval of the Virginia Retirement System ("VRS") Board of Trustees, section 51.1-130 of the Code of Virginia (1950), as amended, permits a political subdivision of the Commonwealth of Virginia to make an irrevocable election to join VRS and to provide retirement benefits for its eligible employees, as that term is defined in section 51.1-132 of the Code of Virginia (1950), as amended; and
WHEREAS, subject to the approval of the VRS Board of Trustees and upon a political subdivision's irrevocable election to join VRS, sections 51.1-502 and 51.1-504 of the Code of Virginia (1950), as amended, permit certain employees of the political subdivision to participate in the VRS Group Life Insurance Program ("GLI"); and
WHEREAS, subject to the approval of the VRS Board of Trustees, section 51.1-138 of the Code of Virginia (1950), as amended, permits a political subdivision of the Commonwealth of Virginia currently participating in VRS to make an irrevocable election to provide enhanced hazardous duty retirement benefits for its eligible employees as outlined in section 51.1-138 of the Code of Virginia (1950), as amended;
NOW, THERFORE,
BE IT RESOLVED BY THE COUNCIL OF THE CITY OF RICHMOND:
That the City of Richmond (the "Employer"), a political subdivision of the Commonwealth of Virginia, acting by and through the City Council, hereby irrevocably elects to join VRS and provide VRS retirement benefits for its eligible employees effective the first day of January 2024 ("Join Date");
BE IT FURTHER RESOLVED:
That the City of Richmond agrees as follows:
1. The Employer agrees to pay the required employer contribution rate on or before the date required by law;
2. Pursuant to s...
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