City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 6, 2019
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of a Resolution to Amend the City of Alexandria's Supplemental Retirement Plan. [ROLL-CALL VOTE]
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ISSUE: Consideration of a resolution to amend the City of Alexandria's Supplemental Retirement Plan.
RECOMMENDATION: That City Council pass the proposed resolution (Attachment 1) to amend the Supplemental Retirement Plan.
BACKGROUND: The City of Alexandria's Supplemental Retirement Plan (the "Plan") is a defined benefit plan, established in 1970. It is intended to supplement retirees' income from the Virginia Retirement System ("VRS"). As a defined benefit plan, it is designed to provide a monthly income for life. Membership in the Supplemental Retirement Plan is provided for all full-time general schedule employees, deputy sheriffs, fire marshals, medics and part-time general schedule employees who are employed in positions that are at least the equivalent of 50 percent of a full-time position.
Currently deputy sheriffs, fire marshals and medics make no employee contributions to the City of Alexandria's Supplemental Retirement Plan. General schedule employees hired prior to July 1, 2009 also make no employee contribution to the City of Alexandria's Supplemental Retirement Plan. General Schedule employees hired after July 1, 2009 make a two percent employee contribution to the Plan. For fiscal year 2020 the City is making a 6.16 percent contribution to the City of Alexandria's Supplemental Retirement Plan on behalf of General Schedule employees hired before July 1, 2009, a 4.16 percent contribution to the City of Alexandria's Supplemental Retirement Plan for General Schedule employees after July 1, 2009, and a 10.50 percent contribution to the City of Alexandria's Supplemental Retire...
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