1982 Ordinances - Laserfiche WebLink

Home Browse Search

AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTSMOUTH, VIRGINIA, 1973, By AMENDING SECTIONS 31-49[b),(C), (d) AND (e); SECTION 31-68 (a); SECTION 31-135 (b), (c), (d) AND (e); AND SECTI~ON 31-155 PERTAINING TO CONTRIBUTION TO Tt{E SUPPLEMENTAL RETIREM~3NT SYSTEM AND THE FIRE AiqD POLICE RETIREmeNT SYSTEM. BE IT ORDAINED by the Council of Virginia: 1. That Section 31-49(b), (c), Code of the City of Portsmouth, 1973, as follows: the City of Portsmouth, (d) and (e) of the be amended to read Section 31-49. By Employer. (b) The normal contribution rate shall be determined 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 31-68, com- puted 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 determined as the percentage of ~he total annual creditable compensation of the members that is represented by the level annual contribution necessary to amortize the then remaining unfunded ~ccrued liability over a period of 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 assumpt!ons approved by the Board, as the excess, if any, of (1) the then present value of benefits, other than any future adjustments as provided for ~n Section 31-68, expected to be paid in the future to retired and not yet retired members or their beneficiaries over (2) the sum of the value of the assets then held in the retirement account plus the then present value of the normal contributions ex- pected to be made in the future by the employer. (d) The supplementary contribution rate each year shall be determined as the percentage of the total annual creditable compensation of the members 5hat is represented by the actuarial present value of the adjustment for the year as provided for in Section 31-68. The actuarial present value of the adjust- ment shall be determined as of July 1, each year, on the act- uarial 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 beneficiarles.