HomeMy Public PortalAbout2008_12_09_R189 Implementation of Multiplier for Section 138 Covered Employees
The Town of
Leesburg,
Virginia
PRESENTED: December 9. 2008
RESOLUTION NO. 2008-189
ADOPTED: December 9. 2008
A RESOLUTION: AUTHORIZING THE IMPLEMENTATION OF THE
RETIREMENT MULTIPLIER FOR SECTION 138 COVERED
EMPLOYEES (LEOS)
WHEREAS, by Resolution legally adopted and approved by the Town Council of
the Town of Leesburg, a political subdivision, participates in the Virginia Retirement
System under ~51.1-130 of the Code of Virginia, as amended; and
WHEREAS, by Resolution or resolutions legally adopted and approved by the
Town Council for the town of Leesburg, has elected to provide the enhanced benefits
described in ~ 51.1-13 8, subsection B to selected public safety employee groups, such
benefits being referred to collectively as "Section 138 Coverage", and
WHEREAS, the Virginia general Assembly passed legislation effective July 1,
2007, allowing the town of Leesburg to elect to provide for its employees with Section
138 Coverage a retirement allowance equal to the amount of creditable service multiplied
byl.85 percent of average final compensation as provided in clause (ii) in subsection A
(1) of ~51.1-206 (the "1.85 Multiplier"); and
WHEREAS, the town of Leesburg desires to make this irrevocable election and
provide the 1.85 Multiplier to its employees that now have, or may in the future be given,
Section 138 Coverage.
THEREFORE, RESOLVED by the Council of the Town of Leesburg in Virginia
as follows:
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A RESOLUTION: AUTHORIZING THE IMPLEMENTATION OF THE
RETIREMENT MULTIPLIER FOR SECTION 138 COVERED
EMPLOYEES (LEOS)
SECTION I. That the Town of Leesburg elects to establish the 1.85 Multiplier
for all employees who are now, or who may be in the future, provided Section 138
Coverage.
SECTION II. That the Town of Leesburg agrees to pay the employer cost for
providing the 1.85 Multiplier to all employees who are now, or who may be in the future,
provided Section 138 Coverage, pursuant to this irrevocable election.
SECTION III. That the Town of Leesburg, John A. Wells, Town Manager, and
Lee Ann Green, Town Clerk, are authorized and directed in the name of the Town of
Leesburg to execute any required contract to carry out this irrevocable election, and to do
any other thing, or things, incident and necessary in the lawful conclusion of this matter.
The seal of the Town of Leesburg shall be affixed to any such contract and attested by the
Clerk, and the Treasurer/Finance Director of the Town of Leesburg is authorized and
directed to pay over to the Treasurer of Virginia from time to time such sums as may be
required to be paid by the Town of Leesburg or its employees for this purpose.
PASSED this 9th day of December. 2008.
~~~~~
. C. stattd, Mayor
Town of Leesburg