HomeMy Public PortalAbout2012_06_12_R063 VRS Employer ContributionsThe Town of
Leesburg,
Virginia
PRESENTED June 12, 2012
RESOLUTION NO. 2012 -063 ADOPTED June 12, 2012
A RESOLUTION: VIRGINIA RETIREMENT SYSTEM EMPLOYER CONTRIBUTION
RATE EFFECTIVE JULY 1, 2012.
BE IT RESOLVED, that the Town of Leesburg 55329 does hereby acknowledge that its
contribution rates effective July 1, 2012 shall be based on the higher of a) the contribution rate in
effect for FY 2012, or b) seventy percent of the results of the June 30, 2011 actuarial valuation of
assets and liabilities as approved by the Virginia Retirement System Board of Trustees for the 2012-
14 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(I) resulting from the June 30, 2011 actuarial value of assets
and liabilities (the "Certified Rate "); and
BE IT ALSO RESOLVED, that the Town of Leesburg 55329 does hereby certify to the
Virginia Retirement System Board of Trustees that it elects to pay the following contribution rate
effective July 1, 2012: the alternate rate of 8.00 %; and
BE IT ALSO RESOLVED, that the Town of Leesburg 55329 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 Leesburg 55329 are hereby authorized
and directed in the name of the Town of Leesburg to carry out the provisions of this resolution, and
said officers of the Town of Leesburg are authorized and directed to pay over to the Treasurer of
Virginia form time to time such sums as are due to be paid by Town of Leesburg for this purpose.
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A RESOLUTION: VIRGINIA RETIREMENT SYSTEM EMPLOYER CONTRIBUTION
RATE EFFECTIVE JULY 1, 2012.
PASSED this 12th day of June, 2012.
Kristen C. Um tattd, Mayor
Town of Leesburg
ATTEST:
Clerk of C c 1
P:\Resolutions\2012 \0612 Employer Contribution Rate 8 Percent.doc