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Council adopts plan to restructure Newport News Employees' Retirement Fund board
Summary
City council approved a two-phase plan to restructure the Newport News Employees' Retirement Fund (NRF) board as membership declines; the changes do not alter employee benefits, the city manager said.
NEWPORT NEWS, Va. — Newport News City Council on Dec. 10 adopted an ordinance to restructure the governance of the Newport News Employees' Retirement Fund, known as NRF, citing a long-term decline in active members.
City staff described a two-phase transition plan intended to preserve fiduciary oversight as the closed plan draws down. The NRF has been closed to new members since 2010 and is…
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