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June 25, 2009


Portsmouth Hosts Municipal Retirement Plan Symposium

The City of Portsmouth Finance Department, in partnership with Scott and Stringfellow, New York Life, and Virginia Pension Consultants, sponsored a Municipal Retirement Plan Fiduciary Symposium at the Portsmouth Renaissance today, Thursday, June 25th.

The symposium provided legal, accounting, and plan management education to retirement plan trustees and plan administrators. The topics on the agenda included navigating the IRS Determination Letter process, investment policies and portfolio management, bundled pension planning, and Governmental Accounting Standards Board (GASB) and Comprehensive Annual Financial Report (CAFR) updates.

Municipality representatives from the Cities of Portsmouth, Hampton, and Norfolk attended, including representatives from the City of Portsmouth’s Retirement Board. In addition to the host partners, representatives from Cherry, Bekaert & Holland certified public accountants and consultants and Hirschler Fleischer law firm presented information to the attendees.

“Hosting this symposium in the City of Portsmouth has been an honor for the Finance Department. The attendees were able to hear from the subject matter experts and gain valuable knowledge that will be beneficial in retirement planning efforts for municipal employees,” said Chief Financial Officer Betty Burrell.