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262 <br /> <br />WORK SESSION: <br />RETIREMENT <br />COMMISSION <br /> <br /> BASEMENT CONFERENCE ROOM August 29,. 1983 <br /> Council-met in special session this date with the following <br />members present: Mr. BUck, Mr. Conover, MRS.. Gleason, Dr. Gunter. <br />Absent: Dr. Hall. <br /> Mr. Bruce Keith, Director of Personnel, and Mr. Pete Wingfield, <br />Benefits.Administrator for the' City, explained to Council the responsi- <br />bilities of the Retirement Commission and proposed changes in retirement <br />benefits. <br />Mr. Keith stated that the City had been exp-lori~ng what an adequate <br />pension should be: and had concluded, that it should continue the standard <br />of living the employee enjoyed while working, with a pension based on <br />30 years of service. <br /> Mr'. Wingfield stated that one recommended Change in the retirement <br /> system was the switch to level funding which would stabilize the amount <br /> expended from year to year. <br /> It was recommended by. the Retirement Commission that the post- <br /> retirement supplement be increased for firefighters and police officers <br /> who retired at age SS after .20 years of service. <br /> The Retirement Commission also recommended giving retired employees <br /> half the Cost of Living (COLA) raise that active employees receive, with <br /> a cap of, 4%. <br /> In addition, it was recommended that retirement credits be extended <br /> to employees who work beyond age 65 in order to get credit for the <br /> average final salary, and that this change he made retroactive to <br /> July 1, 1982. <br /> Ms. Sheila Haughey, Assistant City Attorney, explained that the <br /> actuary had felt Formula B, D, and F were equitable, but the Retirement <br /> Commission was split in its recommendations between Formulas D, F, and <br /> no change. <br /> Mr. Buck said he felt it was hard to justify a person receiving <br /> more gross salary after retirement than when they were working, which <br /> is possible under the present system. <br /> Mr. Keith stated that the City's retirement plan was originally <br /> based on 90% of the Virginia State Retirement System benefit's which <br /> have since been decreased. <br /> Mr. Buck asked staff to provide figures on retirement of police <br /> officers and firefighters after 20 years of service, with a minimum <br /> retirement age of 55 years. <br /> Mr. Conover requested figures for both Formulas D and F wi~h the <br /> post-retirement supplement, with and without level funding. <br /> Mr. Buck suggested employees be invited to share their views on <br /> the proposed changes at the September 12 Council meeting. <br /> Mrs. Gleason moved, Mr. Conover seconded, and Council unanimously <br /> voted to go into Executive Session~t0 discuss possible litigation as <br /> <br />exempted by Section 2 .1-'344 (a) (6) of <br />Act. <br /> <br />the~irginia Freedom of Information <br /> <br /> <br />