The 2014-2015 Biennial Fiscal Plan adopted last month by city council includes a decrease of $3,000,000 for FY 2014 and a decrease of $6,500,000 for FY 2015 attributed to Projected Retirement Savings. Just one problem. City council has not approved the retirement plan:
Ord. No. 2013-109 (Patron: Mayor Jones) – To amend and reordain ch. 78, art. VII of the City Code by adding therein a new section numbered 78-210, concerning a voluntary retirement incentive program, to be effective Jul. 1, 2013, for the purposes of providing for (i) the alternate computation of benefits in connection therewith and (ii) a limited period during which qualified members of the Richmond Retirement System’s defined benefit and enhanced defined benefit plans shall be eligible to retire with a one-time incentive payment. (As Amended) (Continued to Monday, June 24, 2013;