Part 1/2 - Governmental Operations - Richmond Retirement System Presentation - Oct. 28, 2010 - Richmond, Virginia City Council from Silver Persinger.
Philip Langham, Executive Director of the City of Richmond's Retirement System gave a presentation to the Governmental Operations Standing Committee on the state of the City's retirement system and future outlook.
The system is currently funded at 58.3% and the goal for funding is 80%.
In 2008 and 2009, the system lost $125 millions of its investment value.
Part 2/2 - Governmental Operations - Committee Report / Board Appointments / Papers - Oct. 28, 2010 - Richmond, Virginia from Silver Persinger.
Korita Jones presented the Standing Committee Report. Mr. Langham stayed a little longer to support the appointment of Dr. Kenneth Daniels, a VCU Professor of Finance, to the Richmond Retirement System Board [@minutes 3:43-7:44]. The other potential appointment was named Melvin Smith and Mr. Langham said he had never heard of him before that day and knew nothing of him. The committee quickly moved to recommend the appointment of Dr. Daniels after Mr. Langham told the Committee the Board need Dr. Daniels expertise. Mr. Smith got no consideration since there was only one seat available. Papers were reviewed.
Ordinance 2010-189 would amend the pay plan adopted by Ord. No. 93-117-159 on May 24, 1993 to exclude certain classifications from general pay ranges 21 and 22, IT Band 3, and General Band 8 in the classified service and to include certain classifications in pay ranges 21 and 22, IT Band 3, and General Band 8 in the unclassified service; and to modify the pay range of the Director of Human Resources classification in the unclassified executive service. [@ minutes 7:45 - 17:30]
The paper that got the most attention was Ordinance 2010-190 which would amend ch. 90, art. I of the City Code by adding therein a new section 90-3, concerning the installation of certain signs at street and sidewalk construction projects, for the purpose of imposing requirements and prohibitions relating to certain signs at such construction projects. The paper eventually was continued for 30 days. [@ minutes 17:35 - 33:00]
Other papers discussed:
My 2¢ - I am Against Elected Officials Names on Road Repair Signs from Silver Persinger.
I spoke in support of Ordinance 2010-190 sponsored by Councilman Bruce Tyler [1st District] which would prohibit elected officials' names from appearing on street repair notification signs. I believe putting their names on the signs is the equivalent of campaign electioneering and reinforces the entrenchment of incumbents. State election law prohibits the posting of campaign signs in the public right of way. Campaign signs must be located on private property with the owner's consent. The penalty for violating this law is $50 per sign.