HomeMy Public PortalAbout2014_05_13_R057 VRS Employer Contribution Rate The Town of
Leesburg,
Virginia
PRESENTED May 13, 2014
RESOLUTION NO. 2014-057 ADOPTED May 13, 2014
A RESOLUTION: VIRGINIA RETIREMENT SYSTEM EMPLOYER CONTRIBUTION
RATE EFFECTIVE JULY 1, 2014.
BE IT RESOLVED,that the Town of Leesburg(55329) does hereby acknowledge that its
contribution rates effective July 1, 2014 shall be based on the higher of a)the contribution rate in
effect for FY 2014, or b) eighty percent of the results of the June 30, 2013 actuarial valuation of
assets and liabilities as approved by the Virginia Retirement System Board of Trustees for the 201'-
16 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, 2013 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, 2014: the alternate rate of 8.48%; 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 informati•
provided by the Virginia Retirement System outlining the potential future fiscal implications of.
election made under the provisions of this resolution.
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, . •
said officers of the Town of Leesburg are authorized and directed to pay over to the Treasurer of
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A RESOLUTION: VIRGINIA RETIREMENT SYSTEM EMPLOYER CONTRIBUTION
RATE EFFECTIVE JULY 1, 2014.
Virginia form time to time such sums as are due to be paid by Town of Leesburg for this purpose.
PASSED this 13th day of May, 2014.
-MP. 4 b.
Kr' - . Umstattd, Mayor
Town of Leesburg
ATTEST:
JO
Clerk of Co 16
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