AGENDA REQUEST

Sponsor:

Board of Supervisors Meeting Date: 

Chester W. Stribling, Lee District Supervisor

October 11, 2007

Staff Lead:

Department: 

Catherine M. Heritage, Assistant County Administrator

County Administration

Topic: 

A Resolution to Establish a Virginia Retirement System Retirement Multiplier of 1.85% for LEOS (Political Subdivision – Section 138 Covered Employees)

 

Topic Description:

Increase the Law Enforcement Officers (LEOS) retirement benefit multiplier under the Virginia Retirement System (VRS) from l.70% of average final compensation to 1.85% in accordance with enabling legislation enacted by the Virginia General Assembly.

Requested Action of the Board of Supervisors: 

Consider adoption of the attached resolution.

Financial Impacts Analysis:

0.37% of VRS eligible payroll (presently estimated at $95,885.65); FY08 costs to be funded from the Sheriff’s Department budget.

Identify any other Departments, Organizations or Individuals that would be affected by this request:

Sheriff’s Office Deputies

Any other groups that are later classified under LEOS by the Board of Supervisors

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