Meeting April 27, 2011

Page updated on Dec 28, 2017 at 1:06 PM

City of Alexandria
Ad Hoc Retirement Benefit Advisory Group
April 27, 2011
6:30 – 9:30 p.m.


Location: Council Workroom, Room 2410, Second Floor, City Hall

Chair: Janine Bosley or James Ray

1. Review and approval of proposed Agenda

2. Review, approval and adoption of April 4, 2011 Meeting Minutes

3. Presentation and Proposal of Advisory Group Reporting Sub-committees

a. Three Sub-committees;

b. Comprised in equal parts from Employee and Public Advisory Group Representatives and will report on
    and consider the following:
(i) Increase contributions with no change in current Retirement Benefit Plans' designs;

(ii) Decrease benefits contributions with (?) changes to current Retirement Benefit Plans' design;

(iii) Do not disturb current Plans' designs.
c. Each Sub-committee will be responsible for reporting and writing their assigned portion of the Report to the City;

d. Discussion and revision of proposed Sub-committee framework.

4. Retirement benefits provided by local comparator jurisdictions

a. Local Comparators (revised April 27)
b. Social Security Offset/Integration
c. Local Comparators Benefit Examples (revised April 27)
d. Recent Retirement Plan Changes for some Virginia public plans
e. Trends in Public Pension Plans - a report prepared for the Richmond Retirement System

NOTE: This report has some outdated data, but pages 58 - 64 has information on states
that have adopted pension changes and issues to consider if making pension changes.

5. Presentation and discussion of Virginia General Assembly's resolution of VRS issues

a. VRS Plan 1 and Plan 2 comparison
b. Phase in of VRS Plan 2 Membership
c. General Assembly Summary regarding changes for Virginia Retirement System

6. Presentation of summary information on common features and assumptions variables on Alexandria's current Retirement Benefit designs:

(a) National trends and legislative changes (including any proposed Federal legislation);
  1. Data Summary of select sections of the 2008 Comparative Study of Major Public Employee Retirement Systems prepared by Daniel Schmidt, Senior Analyst, Wisconsin Legislative Council 
  2. Pensions & Investments: Battle Lines Form Over Public Plan Disclosure
  3. NASRA Issue Brief: State and Local Government Spending on Public Employee Retirement Systems

(b)Cheiron exposure memorandum describing impact of GASB and other "nationwide" assumption changes;

  1. Cherion report on GASB Summer/Fall 2010

(c) Impact of changing Alexandria's future Retirement cost variables (number of employees and salary levels of City employees) scenarios 
      on Alexandria Budget forecasts for 2012 thru 2015

7. Old Business --- follow-up on any "old" items not covered

8. New Business

9. Future meeting schedule adjustments: consideration of independent meetings of Reporting Sub-committee groups and adding an extra hour to each Advisory
    Group Meeting

10. Adjournment