SECTION 138 COVERED EMPLOYEES
RETIREMENT MULTIPLIER OF 1.85 PERCENT
WHEREAS, by resolution legally adopted and approved by the Albemarle County Board of Supervisors, Albemarle County, a political subdivision, participates in the Virginia Retirement System under § 51.1-130 of the Code of Virginia, as amended; and
WHEREAS, by resolution or resolutions legally adopted and approved by the Board, Albemarle County has elected to provide the enhanced benefits described in § 51.1-138, subsection B, to selected public safety employee groups, such benefits being referred to collectively as “Section 138 Coverage”, and
WHEREAS, the Virginia General Assembly passed legislation effective July 1, 2007, allowing Albemarle County to elect to provide for its employees with Section 138 Coverage a retirement allowance equal to the amount of creditable service multiplied by 1.85 percent of average final compensation as provided in clause (ii) in subsection A (1) of § 51.1-206 (the “1.85 Multiplier”); and
WHEREAS, the 1.85 percent multiplier would apply to eligible employees who retire on or after July 1, 2007; and
WHEREAS, Albemarle County desires to make this irrevocable election and provide the 1.85 Multiplier to its employees that now have, or may in the future be given, Section 138 Coverage.
NOW, THEREFORE, BE IT RESOLVED that the Albemarle County Board of Supervisors hereby elects to establish the 1.85 Multiplier, effective January 1, 2008, for all employees of Albemarle County who are now, or who may be in the future, provided Section 138 Coverage; and
BE IT FURTHER RESOLVED that the Albemarle County Board of Supervisors agrees to pay the employer cost for providing the 1.85 Multiplier to all employees who are now, or who may be in the future, provided Section 138 Coverage, pursuant to this irrevocable election; and
BE IT FURTHER RESOLVED That Robert W. Tucker, Jr., Albemarle County Executive, and Ella W. Carey, Clerk, are authorized and directed in the name of Albemarle County to execute any required contract to carry out this irrevocable election, and to do any other thing, or things, incident and necessary in the lawful conclusion of this matter. The seal of Albemarle County shall be affixed to any such contract and attested by the Clerk, and the Director of Finance of Albemarle County is authorized and directed to pay over to the Treasurer of Virginia from time to time such sums as may be required to be paid by Albemarle County or its employees for this purpose.
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