R-12-30 RESOLUTION NO. R-12-30
EMPLOYER CONTRIBUTION TICAL SUBDIVISIONS TOWNS,
SCHOOL DIVISIONS AND OTHER POLI
(In accordance with the 2012 Appropriation Act Item 468(H))
BE IT RESOLVED, that the City of Fairfax 55316 does hereby acknowledge that its
contribution rates effective July 1, 2012 shall be based on the higher of a)the contribution rate
in effect for FY2012, or b) seventy percent of the results of the June 30, 2011 actuarial
valuation of assets and liabilities as approved by the Virginia Retirement System Board of
Trustees for the 2012-14 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 a sets and ilgabilities (thee�Certified Rate);resulting
from the June 30, 2011 actuarial value of
BE IT FURTHER RESOLVED, of Trustees tees that it elects to does
pay theebollow following
to the Virginia Retirement system board
rate effective July 1, 2012:
i 'he certified Rate of 12.54% I IThe Alternate Rate of 9.91%; and
BE IT FURTHER RESOLVED, th�ruFairfax
55316 does
and enders ands the
to the Virginia Retirement System Board of stees that it has reviewed
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 City of Fairfax for this purpose.
Adopted this 12th day of June, 2012.
ADOPTED this 12th day of June, 2012. ,..k.
Ma or
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ATTEST:
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City Clerk
The vote on the motion to approve was recorded as follows:
VOTE:
Councilman Drummond Aye
Councilman Greenfield Aye
Councilman Meyer Aye
Councilmember Schmidt Aye
Councilman Silverthorne Aye
Councilman Stombres Aye
CERTIFICATE
I, , Clerk of the City of Fairfax, verify that the foregoing
is a true and correct copy of a resolution passed at a lawfully organized meeting of the City of
Fairfax held at Fairfax City Hall, Virginia at 7:00 p.m. on June 12, 2012. Given under my
hand and seal of the City of Fairfax this day of
2012.
City Clerk