Minutes 04/11/1995 - Laserfiche WebLink

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TUESDAY, APRIL 11. 1995 City's rate is reviewed every two years, based upon actuarial studies. A motion and a second were made to adopt the Resolution. Councilman Teague and Vice-Mayor Oakes spoke in favor of adopting a second resolution which would ask the General Assembly to provide, during the next legislative session, funding for the benefit increase for all employees retroactive to October 1, 1994. Mayor Adams said he was concerned with the adoption of the Resolution due to the additional financial burden which will be placed upon the City in future years and because he did "not see a need for additional funds to support the livelihood of those who are retired." By a vote of 4 "yes" and 1 "no" (Mayor Adams), Council adopted the following Resolution: BE IT RESOLVED that the City of Martinsville, Virginia, does hereby elect to provide a 3% retirement allowance increase as provided in the CODE OF VIRGINIA, Section 51.1-130, 51.1-155, 55.1-157 as applicable for its eligible current and future retirees under employer code 5- 5223; and BE IT ALSO RESOLVED that the Council of the City of Martinsville, Virginia, agrees to accept all liability for any current or future additional employer contributions and any increases in current or future employer contribution rates resulting from its election to provide the increase in benefits to its current and future retirees; and BE IT FURTHER RESOLVED that the City of Martinsville elects to allow its eligible current and future retirees to receive the benefit increase effective July 1, 1995; now, therefore, George B. Adams, Jr., Mayor of the City of Martinsville, and Lance G. Heater, Clerk of the City Council, are hereby authorized and directed in the name of the Martinsville City Council to execute any required contract in order that said eligible current and future retirees of the City of Martinsville may participate in the benefit allowance increase as provided for in the CODE OF VIRGINIA. In execution of any contract which may be required, the seal of the City of Martinsville shall be affixed and attested to by the Clerk, and said officers of the City of Martinsville 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 Martinsville for this purpose. Upon motion, duly seconded and by unanimous vote, Council asked the City Administration to draft a Resolution for adoption at the next Council meeting which would request the General Assembly to adopt