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File #: ORD. 2018-321    Version: 1 Name:
Type: Ordinance Status: Adopted
File created: 12/18/2018 In control: City Council
On agenda: 1/14/2019 Final action: 1/14/2019
Title: To amend and reordain City Code ? 22-317, concerning additional retirement allowance for certain City officials, for the purpose of conforming titles to the Pay Plan.
Patrons: Mayor Stoney
Attachments: 1. Ord. No. 2018-321
title
To amend and reordain City Code ? 22-317, concerning additional retirement allowance for certain City officials, for the purpose of conforming titles to the Pay Plan.
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THE CITY OF RICHMOND HEREBY ORDAINS:
? 1. That section 22-317 of the Code of the City of Richmond (2015) be and is hereby amended and reordained as follows:
Sec. 22-317. Additional retirement allowance for certain City officials.
(a) Additional creditable service. Any member who is employed in the senior executive group as defined in subsection (k) and has been in service for at least ten years in the senior executive group, may have such member's creditable service counted as two years for each year of creditable service in these positions up to a maximum of 15 additional years of creditable service for the purpose of calculation of retirement allowance under the provisions of this article. All such qualifying members must make the election to utilize the provisions of this subsection within 90 days of the enactment of this provision or within 30 days of the member's date of employment in said position, whichever should occur later. Any member who elects to utilize the provision of this subsection shall be required to make contributions to the system in an amount determined by the system's actuary and approved by the Board.
(b) Options for less than ten years of service. Any member with five or more but less than ten continuous years of service in the senior executive group who has made the contribution required for the additional creditable service but who leaves employment may elect to receive a refund of such contributions plus interest at a rate to be determined by the Board or to receive a retirement allowance based upon the member's actual creditable service plus any additional service purchased pursuant to the provisions of this subsection (b). Any member who elects to receive a retirement allowance based upon the member's actual creditable service plus any ...

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