19960611 r-96-20RESOLUTION NO. R-96-20
WHEREAS, the Virginia General Assembly, the Governor, and the Board of Trustees
of the Virginia Retirement System recognize the growing liability of all employers participating
in the Virginia Retirement System as a result of the current practice of funding annual cost of
living increases to retirees on a pay-as-you-go basis; and
WHEREAS, the Virginia General Assembly and the Governor have provided, in the
budget for the 1996-98 biennium, funds to reach a level that would fully fund the cost of living
increases over a five year period beginning in fiscal year 1998 for state employees and public
school teachers; and
WHEREAS, pursuant to their authority as set forth in Section 51.1-145 of the Code of
Virginia, the Board of Trustees of the Virginia Retirement System has agreed to allow political
subdivisions the option of making contributions beginning in fiscal year 1998 that would either
(1) begin to fully fund the cost of living increases for their employees immediately, or (2) to
reach a level to fully fund the cost of living increases over a five-year period.
NOW THEREFORE, BE IT RESOLVED by the City Council of the City of Fairfax,
Virginia, that it hereby elects to begin to contribute so as to reach a level to fully fund the cost
of living increases over a five year period beginning July 1, 1997.
Adopted: June 11, 1996
C/~Mayor
Attest:
Cio Cle~