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~c) The accrued liability contribution rate shall be <br />determined as the percentage of the total annual creditable <br />compensation of the members that is represented by the l~evel <br />annual contribution necessary to amortize the then remaining ~n- <br />funded accrued liability over a period of forty (40) years. <br />The unfunded~accrued liability any particular time shall <br />be determined, in accordance with recognized actuarial <br />principles on the basis of methods and ass~uptions approved <br />by the board, as the excess, if any, of (1) the then present <br />value of benefits, other than any future adjustments as provided <br />for in Section 31-26E, expected to be psid in the future to <br />retired and not yet retired members or their beneficiaries over <br />(2) the su~ of the value of the assets then held in the <br />retirement account plus the then present value of the normal <br />contributions expected to be made in the future by the employer. <br /> <br /> (d) The supplementary contribution rate each year shall <br />be determined as the percentage of the total annual creditable <br />compensation of the members that is represented by the actuarial <br />present value of the adjustment for the year as provided for in <br />Section 31-268. The actuarial present value of the ad- <br />justment shall be determined as of July 1st, each year, <br />on the actuarial basis adopted by the board and shall be <br />the value of the amount of such adjustment expected to <br />be paid in the future to retired members or their beneficiaries. <br /> <br /> (e) The normal contribution rate and the accrued <br />liability contribution rate shall be determined from t~e <br />results of each valuation of the systa~uusing the actuarial <br />basis adopted by the board and shall continue in force <br />until a new valuation is made. The supplementary contri- <br />bution rate shall be determined each year based on the <br />amount of the adjustment approved by the Council of the <br />City of Portsmouth for that year using the actuarial basis <br />adopted by the board. <br /> <br /> (f) The board shall certify to the <br />contribution rate, the accrued liability <br />and the supplementary contribution rate, <br />made therein from time to time. <br /> <br />city auditor the normal <br />contribution rate, <br />and every change <br /> <br /> (g) The aggregate employer contribution for any year <br />shall be at least sufficient, when combined with the amount then <br />held in the retirement account, to provide the benefits payable <br />from the account during the current year. <br /> <br />Sections 31-280 - 31-254. Reserved. <br /> <br />16 <br /> <br /> <br />