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MONDAY, MAY 13, 1996 <br />Harris site and demolition of the existing building. The total project <br />cost for this option was estimated to be $10,581,000. <br /> <br />The final formal agenda item for the meeting was consideration of <br />possible action regarding House Bill 901 which was passed by the <br />General Assembly and signed by the Governor. It allows any member of <br />the Virginia Retirement System with at least 25 years of service to <br />purchase up to 36 months of credit for active military service or <br />service rendered in the retirement plan of another state at 5% of <br />salary at the time of purchase. The law allows for school boards and <br />political subdivisions to elect not to provide this benefit by <br />notifying VRS on or before July 1, 1996 of their election. VRS <br />estimated the maximum cost to the subdivision, including school board <br />nonprofessional employees, to be .04% of covered payroll for providing <br />this benefit. The cost to school boards for teachers is expected to be <br />.022% of payroll for all school boards regardless of their election to <br />participate. Several members of Council expressed concern regarding <br />the potential costs of this benefit versus the projected savings to be <br /> <br />realized through early retirement. Council requested the <br /> <br />Administration develop an estimate of the costs and potential savings <br />regarding this matter. <br /> <br />Councilman Crabtree, noting the Educational Systems Optimization Task <br />Force's challenge to the City and County School Boards to conduct a <br />study of the merger of the school systems, encouraged the School Board <br />to meet with the Henry County School Board to consider jointly funding <br />a merger study. <br /> <br />There being no other business to be considered, Mayor Adams declared <br /> <br /> <br />