City of Alexandria, Virginia
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MEMORANDUM
DATE: OCTOBER 3, 2018
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of a Resolution to Amend the City of Alexandria Firefighters and Police Officers Pension Plan. [ROLL-CALL VOTE]
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ISSUE: Consideration of proposed amendment to the Firefighters and Police Officers Pension Plan.
RECOMMENDATION: That City Council adopt the attached resolution (Attachment 1) which amends the City of Alexandria Firefighters and Police Officers Pension Plan (the "Plan").
BACKGROUND: The Plan provides both retirement and disability benefits to Firefighters and Police Officers. The Plan was adopted by City Council in 2004. As of the most recent plan actuarial valuation, June 30, 2017, the Plan had 514 active participants and 293 retired participants.
The investments of the Plan are managed by the Firefighters and Police Officers Pension Plan Board (the "Board"). The Board has eleven members: two Participant Representatives and one Alternate elected by firefighters; two Participant Representatives and one Alternate elected by police officers; and four City Representatives and one Alternate appointed by the City Manager. In addition to managing the Plan's investments, the Board may make recommendations to the Plan Administrator (City Manager).
The Plan requires plan participants be notified of proposed changes at least 60 days prior to the proposed changes being presented to City Council. The 60-day notification was sent to participants on May 4, 2018. Staff held two meetings where participants were briefed on the proposed changes and were given an opportunity to ask questions and voice their opinions.
DISCUSSION: The twenty-one changes in the proposed First Amendment are grouped into four topics, which are described below. The attached Summary of the First Amend...
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