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AN ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1988, BY AMENDING SECTIONS 30-32 (d) AND 30-157 (d) THEREOF, PERTAINING TO RETIREMENT SYSTEMS. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: 1. That Section 30-32 (d) be amended to read as follows: Section 30-32. Same - by employer. (d) The supplementary contribution rate each year shall be determined as the percentage of the total annual creditable compensation of the members that is represented by the actuarial present value of the adjustment for the year as provided foL in S=uLion 30-122.--If, £o£ any £iscal-~ear, ...... there exists a negative unfunded accrued liability equal to or greater than the actuarial present value of the adjustment, the supplementary contribution rate shall be determined to be zero for that fiscal year, and the accrued liability in paragraph (c) above may be increased by the actuarial present value of such adjustment prior to calculatin~ the accrued liability contribution rate. The actuarial present value of the adjustment shall be determined as of July 1st each year, on the actuarial basis adopted by the Board and shall be the value of the amount of such adjustment expected to be paid in the future to retired members or their beneficiaries. 2. That Section 30-157 (d) be amended to read as follows: Section 30-157. Same - by employer. (d) The supplementary contribution rate each year shall be determined as the percentage of the total annual creditable compensation of the members that is represented by the actuarial present value of the adjustment for the year as provided for in Section 30-243. If, for any fiscal year, there exists a negative unfunded accrued liability equal to or greater than the actuarial present value of the adjustment, the supplementary contribution rate shall be determined to be zero for that fiscal year and the accrued liability in paragraph (c) above may be increased by the actuarial present value of such adjustment prior to calculating the accrued liability contribution rate. The actuarial present value of the amount of the adjustment shall be determined as of July 1st each year, on the actuarial basis adopted by the Board and shall be the value of such adjustment expected to be paid in the future to retired members or their beneficiaries.