Sec. 31-20. - Created; title; operative date.
Sec. 31-21. - Statement of purpose; amendments.
Sec. 31-22. - Non-discrimination.
Sec. 31-23. - Cessation of benefits.
Sec. 31-20. - Created; title; operative date.
An employees' retirement plan and trust is hereby created and continued under authority of the Charter of the City of Newport News, which shall be known as the City of Newport News Employees' Retirement Fund, and shall continue to be operative as of the date of adoption of the ordinance from which this article is derived.
(Ord. No. 51, § 1; Code 1961, § 32-7; Ord. No. 2709-80; Ord. No. 6434-07, § 1)
Sec. 31-21. - Statement of purpose; amendments.
(a)
The purposes of the fund are to provide an orderly means whereby employees of the city, and employees of a participating employer, who become eligible for retirement or incapacitated as the result of a medical disability may be retired from active service without prejudice and to assist such employees in providing for their old age, disability, death and termination of employment, thus effecting economy and efficiency in the administration of city government.
(b)
No amendments to any provision of this article shall be enacted by the city council unless and until such amendments shall have been studied by the board of trustees of the fund and the board's recommendations shall have been received by the city council.
(c)
The board shall have full discretion and authority to resolve all questions arising in the administration, interpretation and application of the retirement plan as provided in this article.
(Ord. No. 2709-80; Ord. No. 6434-07, § 1)
Sec. 31-22. - Non-discrimination.
All determinations made pursuant to the provisions of this chapter shall be made in a uniform and non-discriminatory manner with respect to similarly situated members. Determinations of actuarial assumptions and other equivalency factors to be used in conjunction with the fund shall be determined by the board from time-to-time based on recommendation of the fund's actuary and set forth in a written document constituting part of the fund.
(Ord. No. 6434-07, § 1)
Sec. 31-23. - Cessation of benefits.
The benefits provided for in this chapter shall be payable to a recipient only so long as the recipient is eligible to receive such benefits based on the provisions of this chapter and evidence acceptable to the board.
(Ord. No. 6434-07, § 1)