HomeMy Public PortalAbout2016_04_12_R056 Electing the Alternate Rate for VRS Employer Contribution The Town of
Leesburg.,
Virginia PRESENTED April 12, 2016
RESOLUTION NO. 2016-056 ADOPTED April 12, 2016
A RESOLUTION: ELECTING THE ALTERNATE RATE FOR VIRGINIA RETIREMENT
SYSTEM EMPLOYER CONTRIBUTION
WHEREAS, the 2016 Appropriation Act Item 475(I)(1)requires that an employer pay the
contribution rate certified by the VRS Board of Trustees ("Certified Rate"), unless the employer
elects to pay an alternate rate as described in Item 475(I)(2) ("Alternate Rate"); and
WHEREAS, if an employer wishes to pay the Certified Rate, then the employer need not
take action on this resolution; and
WHEREAS, if an employer wishes to pay the Alternate Rate established in the 2016
Appropriation Act, then the employer must pass this resolution on or before July 1, 2016,to elect
the Alternate Rate; and
WHEREAS, any local public school division that elects to pay the Alternate Rate must
receive a concurrence of its local governing body documented by a resolution of the governing
body on or before July 1, 2016;
NOW, THEREFORE, BE IT RESOLVED, that the Town of Leesburg ("the Employer")
55329, does hereby elect to pay the Alternate Rate and acknowledges that its contribution rate
effective July 1, 2016 shall be based on the higher of a) the contribution rate in effect for FY 2012,
orb)ninety percent of the results of the June 30, 2015 actuarial valuation of assets and liabilities as
approved by the Virginia Retirement System Board of Trustees for the 2016-18 biennium; and
BE IT FURTHER RESOLVED, that the Employer does hereby certify to the Virginia
Retirement System Board of Trustees that it agrees to pay the Alternate Rate of 9.41% effective
July 1, 2016; and
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A RESOLUTION: ELECTING THE ALTERNATE RATE FOR VIRGINIA RETIREMENT
SYSTEM EMPLOYER CONTRIBUTION
BE IT FURTHER RESOLVED, that the Employer does hereby acknowledge that, if it is a
school division,this resolution shall not become effective unless the Virginia Retirement System
receives a concurrence of its local governing body documented by a resolution of the local
governing body dated on or before July 1, 2016; and
BE IT FURTHER RESOLVED, that the Employer 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.
NOW, THEREFORE,the officers of the Employer are hereby authorized and directed in
the name of the Employer to carry out the provisions of this resolution, and said officers of the
Employer are authorized and directed to pay over to the Treasurer of Virginia from time to time
such sums as are due to be paid by the Employer for this purpose.
David S. Butler, Mayor
Town of Leesburg
A /' ' I:
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Clerk of Coun t
P:\Resolutions\2016\0412 Elect Alternate Rate for VRS Employer Contribution.doc