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AN ORDINANCE AMENDING AND REORDAINING SECTIONS 19-91,19-94,19-95 ® 19-98, AND 19-104 OF ARTICLE IV OF CHAPTER 19 AND SECTIONS 19-136,19-137 AND 19-139 OF ARTICLE V OF CHAPTER 19 OF THE CITY CODE OF CHARLOTTESVILLE, 1990, AS AMENDED, RELATING TO CHANGES TO THE RETIREMENT PLAN AND GROUP HEALTH INSURANCE BE IT ORDAINED by the Council of the City of Charlottesville, Virginia that Sections 19-91, 19-94, 19-95, 19-98 and 19-104 of Article IV and Sections 19-126, 19-137 and 19-139 of Article V of the Charlottesville City Code, 1990, as amended, are hereby amended and reordained as follows: ARTICLE IV. SUPPLEMENTAL RETIREMENT OR PENSION PLAN Section 19-91.Definitions. As used in this article, the following words and phrases shall have the meanings ascribed to them by this section, unless a different meaning is plainly required by the text: Actuarial equivalent means a benefit of equal value when computed upon the basis of such actuarial. tables as are adopted by the commission. The actuarial equivalents and all actuarial calculations shall be determined on the basis of interest at an assumed rate of • 8%, and the UP84 Mortality Table for the member, and the UP84 5 -year setback in age for spouses and/or beneficiaries. �J Appointing authority means the city council in the case of city council appointees; the commissioner of revenue, the city treasurer, the city sheriff, the clerk of the circuit court and the commonwealth's attorney in the case of their employees; and the city manager in the case of all other members of the plan, except for such elected constitutional officers. Average final compensation means the average annual creditable compensation of a member during the three (3) consecutive years of creditable service in which such compensation was at its greatest amount. Beneficiary means any person entitled to receive benefits under this article. Commission means the retirement plan commission provided for in article III of this chapter. Creditable compensation means the full compensation payable annually to an employee working the full normal working time for his position exclusive of overtime. The creditable compensation of an employee paid on an hourly basis shall be computed at his regular hourly rate multiplied by the regular number of working hours per week multiplied by fifty-two (52). In cases where compensation includes maintenance and M&V 777871