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2000-15 AN ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA (1988) BY AMENDING SECTIONS 30-32 AND 30- 157 THEREOF PERTAINING TO FUNDING OF COST OF LIVING INCREASES FOR THE PORTSMOUTH SUPPLEMENTAL RETIREMENT SYSTEM AND THE PORTSMOUTH FIRE AND POLICE RETIREMENT SYSTEM RETIREES. BE IT ORDAINED by the Council of the City of Portsmouth, Virgima: 1. That Sections 30-32 and 30-157 of the Code of the City of Portsmouth, Virginia (1988) be amended and reordained to read as follows: Sec. 30-32. Same-By employer. (a) The employer shall contribute annually an amount equal to the sum of the normal contribution and the accrued liability contribution if any. The normal contribution and the accrued liability contribution for any year shall be determined as percentages of the creditable compensation of the members for such year, such pementages being referred to, respectively, as the normal contribution rate and the accrued liability contribution rate. (b) The normal contribution rate shall be defined as the percentage of the total annual creditable compensation of the members that is represented by the annual normal cost required to provide the benefits of the system, other than any future adjustments as provided for in section 30-122, computed in accordance with the recognized actuarial principles on the basis of methods and assumptions approved by the board. c) The accrued liability contribution rate shall be defined as the percentage of the total annual creditable compensation of the members that is represented by the level annual contribution necessary to amortize the then remaining unfunded accrued liability over a period not to exceed forty (40) years. The unfunded accrued liability at any particular time shall be determined, in accordance with recognized actuarial principles on the basis of methods and assumptions approved by the board, as the excess, if any of the then present value of benefits, including any adjustments as provided for in section 30- 122. expected to be paid in the future to retired and not-yet-retired members or their beneficiaries over the sum of the value of the assets then held in the retirement account plus the then present value of the normal contributions expected to be made in the future by the employer. (d) The normal contribution rate and the accrued liability contribution rate shall be determined from the results ofeach valuation of the system using the actuarial basis adopted by the board and shall conthme in fume until a new valuation is made. The accrued liability contribution rate shall be adjusted each year based on the amount of the adjusunent approved by the city council for that year using the actuarial basis adopted by the board.