R-14-22 RESOLUTION NO. R-14-22
EMPLOYER CONTRIBUTION RATES FOR COUNTIES, CITIES,
TOWNS, SCHOOL DIVISIONS AND OTHER POLITICAL SUBDIVISIONS
(IN ACCORDANCE WITH 2014 APPROPRIATION ACTION ITEM 467 (I))
BE IT RESOLVED, that the City of Fairfax 55316 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 2012, 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 2014-16 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 City of Fairfax 55316 does hereby certify to the
Virginia Retirement System Board of Trustees that it elects to pay the following contribution
rate effective July 1, 2014:
N,Check only one box)
The Certified Rate of 13.07% ❑ The Alternate Rate of 11.82%; and
BE IT ALSO RESOLVED, that the City of Fairfax 55316 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 City of Fairfax 55316 are hereby authorized
and directed in the name of the City of Fairfax to carry out the provisions of this resolution,
and said officers of the City of Fairfax 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 City of Fairfax for this
purpose.
Adopted this 27th day of May, 2014.
Mayor
ATTEST:
City Clerk
The vote on the motion to approve was recorded as follows:
VOTE:
Councilman DeMarco Aye
Councilman Drummond Aye
Councilman Greenfield Aye
Councilman Meyer Aye
Councilmember Schmidt Aye
Councilman Stombres Aye