19780117 r-78-2RESOLUTION No. R-78-2
BE IT RESOLVED by the Council of the City of Fairfax,
Virginia that Article VII of the Revised Retirement Plan for
Employees of the City of Fairfax, Virginia, be and the same
hereby is, amended by the addition of a new section G to such
Article, as follows:
G. In the event of the termination of the employment
of either the City Manager or the Assistant City Manager,
other than by death, prior to his retirement hereunder,
provided he is a Participant, he may elect, in addition
to the elections provided in sections B and C hereof,
that part or all of the funds credited to his accrued
benefit be transferred to a similar retirement plan, such
as the Virginia Supplemental Retirement System or such
plan as may be maintained by the International City
Managers Association. Any such transfer shall include
that portion of the Participant's Accumulated Contributions
designated by the Participant, together with a similar
proportion of that part of the City's contributions, if
any, or funds attributable thereto, which represents the
then present value of the actuarial equivalent of the
amount which would have been applied to provide benefits
to such Participant if his employment had continued until
normal retirement. Any such transfer shall cancel any
rights of the Participant to receive a lump sum payment
under the provisions of section B of this Article VII
as to that portion of the Accumulated Contributions
transferred pursuant hereto and to receive a deferred
monthly retirement allowance under the provisions of
section C of this Article VII, and shall cancel any
period of Credited Service previously rendered by the
Participant.
Adopted this 17th day of January, 1978.
ATTEST:
lerk