19850709 1985-20ORDINANCE NO. 1~8)-20
AN ORDINANCE AMENDING SECTIONS 17-16.1-8(a) (2) AND 17-16.1-25 OF
THE CODE OF THE CITY OF FAIRFAX, VIRGINIA
BE IT ORDAINED by the City Council for the City of Fairfax, Virginia,
that Sections 17-16.1-8(a)(2) and 17-16.1-25 of the Code of the City of
Fairfax, Virginia, be and the same are hereby amended as follows:
1. Section 17-16.1-8(a)(2) is amended to read as follows:
(2)
For a participant who became an Eligible Employee on or
after April 1, 1983, the monthly retirement allowance
shall be determined as follows:
(A)
with respect to any allowance payment (other than a
disability retirement allowance payment) falling due
before the Participant's fifty-fifth birthday, one-
twelfth of the product of (i) multiplied by (ii)
below, where
(i)
is two and one-half percent (2-1/2%) of the
Participant'sAverage Final Compensation at
his date of retirement; and
(ii) is the number of years of Credited Service of the
Participant at his date of retirement.
(B)
with respect to any allowance payment (other than a
disability retirement alloWance payment) falling due
on or after the Participant's fifty-fifth birthday but
before the Participant's sixty-fifth birthday,
one-twelfth of the product of (i) multiplied by (ii)
below, where
(i)
is one and one-half percent (1-1/2%) of the
Participant's Average Final Compensation at
his date of retirement; and
(ii) is the number of years of Credited Service of the
Participant at his date, of retirement.
(c)
with respect to any allowance payment falling due on
or after the Participant's sixty-fifth birthday (or
any disability retirement allowance payment falling due
at any time), one-twelfth of the product of (i)
multiplied by (ii) below, where
(i)
is one-haLf of one percent (1/2%) of the
Participant's Average Final Compensation at his
date of retirement; and
(ii) is the number of years of Credited SerVice of the
Participant at his date of retirement.
1985-20
-2
me
Section 17-16.1-25 is amended by deleting "two percen~ (2%)
and by inserting therefore
three and one-half percent (3.5%)
The above amendments shall be effective with respect to
contributions and allowance payments made after June 30, 1985.
Public hearing/INTRODUCED:
ADOPTED: July 9, 198~
June 25, ~8~