2012-05-04 VRS Employer ContributionResolution 2012-OS-04
Employer Contribution Rates for Counties, Cities,
Towns, School Divisions and Other Political Subdivisions
(In accordance with the 2012 Appropriation Act Item 468(H))
Resolution
BE IT RESOLVED, that the Pittsylvania County 55171 does hereby acknowledge that its contribution rates
effective July 1, 2012 shall be based on the higher of a) the contribution rate in effect for FY 2012, or b) seventy
percent of the results of the June 30, 2011 actuarial valuation of assets and liabilities as approved by the Virginia
Retirement System Board of Trustees for the 2012-14 biennium (the "Alternate Rate") provided that, at its option,
the contribution rate may be based on the employer contribution rates certified by the Virginia Retirement System
Board of Trustees pursuant to Virginia Code § 51.1-145(I) resulting from the June 30, 2011 actuarial value of assets
and liabilities (the "Certified Rate"); and
BE IT ALSO RESOLVED, that the Pittsylvania County 55171 does hereby certify to the Virginia
Retirement System Board of Trustees that it elects to pay the following contribution rate effective July 1, 2012:
(Check only one box)
~ The Certified Rate of 12.34% Ef The Alternate Rate of 9.00%; and
BE IT ALSO RESOLVED, that the Pittsylvania County 55171 does hereby certify to the Virginia
Retirement System Board of Trustees that it has reviewed and understands the information provided by the Virginia
Retirement System outlining the potential future fiscal implications of any election made under the provisions of this
resolution; and
NOW, THEREFORE, the officers of Pittsylvania County 55171 are hereby authorized and directed in the
name of the Pittsylvania County to carry out the provisions of this resolution, and said officers of the Pittsylvania
County are authorized and directed to pay over to the Treasurer of Virginia from time to time such sums as are due
to be paid by Pittsylvania County for this purpose. ~.~
r-_ .
Governing Body/School Division Chairman
CERTIFICATE
I, William D. Sleeper , Clerk of the Pittsylvania County, certify that the foregoing is
a true and correct copy of a resolution passed at a lawfully organized meeting of the Pittsylvania County held at
Chatham ,Virginia at 7:OOpm o'clock on Ma 1 , 2012. Given under my hand
seal of the Pittsylvania County this 15 day of ~Y , 2012. ~
Clerk
This resolution must be passed prior to July 1, 2012 and
received by VRS no later than July 10, 2012.
2012 Appropriation Act
Item 468(H)
Central Appropriations Language
"H.1. Except as authorized in Paragraph H.2. of this Item, rates paid to the VRS on behalf of
employees of participating (i) counties, (ii) cities, (iii) towns, (iv) local public school divisions
(only to the extent that the employer contribution rate is not otherwise specified in this act), and
(v) other political subdivisions shall be based on the higher of: a) the contribution rate in effect
for FY 2012, or b) seventy percent of the results of the June 30, 2011 actuarial valuation of assets
and liabilities as approved by the Virginia Retirement System Board of Trustees for the 2012-14
biennium, eighty percent of the results of the June 30, 2013 actuarial valuation of assets and
liabilities as approved by the Virginia Retirement System Board of Trustees for the 2014-16
biennium, ninety percent of the results of the June 30, 2015 actuarial valuation of assets and
liabilities as approved by the Virginia Retirement System Board of Trustees for the 2016-18
biennium, one-hundred percent of the results of the June 30, 2017 actuarial valuation of assets
and liabilities as approved by the Virginia Retirement System Board of Trustees for the 2018-20
biennium.
2. Rates paid to the VRS on behalf of employees of participating (i) counties, (ii) cities, (iii)
towns, (iv) local public school divisions (only to the extent that the employer contribution rate is
not otherwise specified in this act), and (v) other political subdivisions may, at each participating
employers option, be based on the employer contribution rates certified by the Virginia
Retirement System (VRS) Board of Trustees pursuant to § 51.1-145(I), Code of Virginia.
3. Every participating employer must certify to the board of the Virginia Retirement System by
resolution adopted by its local governing body that it: has reviewed and understands the
information provided by the Virginia Retirement System outlining the potential future fiscal
implications of electing or not electing to utilize the employer contribution rates certified by the
Virginia Retirement System (VRS) Board of Trustees, as provided for in paragraph H.2.
4. Prior to electing to utilize the employer contribution rates certified by the Virginia Retirement
System (VRS) Board of Trustees, as authorized in paragraph H.2, local public school divisions
must receive the concurrence of the local governing body. Such concurrence must be
documented by a resolution of the governing body.
5. The board of the Virginia Retirement System shall provide all employers participating in the
Virginia Retirement System with a summary of the implications inherent in the use of the
employer contribution rates certified by the Virginia Retirement System (VRS) Board of
Trustees set out in paragraph H.2, and the alternate employer contribution rates set out in
paragraph H.1."
Explanation:
(This amendment allows for the phase-in of the VRS Board-approved employer contribution
rates for local employers over three biennia.)