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AN ORDINANCE TO AMEND THE CODE OF THE CITY OF PORTS~4OUTH, VIR- GINIA, 1973, BY AMENDING SECTIONS 31-39 AND 31-135, THEREOF, PERTAINING TO CONTRIBUTIONS TO THE SUPPLEMENTAL RETIREMENT SYSTEM AN~ THE FIRE AND POLICE RETIREMENT SYSTEM BY TB~ EMPLOYER. BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: t. That Section 31-49 of the Code of the City of Ports- mouth, ViEginia, 1973, be amended to read as follows: Section 31-49. By Employer. (a) The employer shall contribute annually an amount equal to the sum of the "normal contribution", the "accrued liability contribution" and the "supplementary contribution", if any. The normal contribution, the accrued liability con- tribution and the supplementary contribution for any year shall be determined as percentages of the creditable compen- sation of the members for such yea. r, such percentages being referred to, respectively, as the normal contribution rate, the accrued liability contribution rate, and the supplementary contribution rate. (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 re- quired to provide the benefits of the system, other than post- retirement 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 de- termined as the percentage of the total annual creditable com- pensation of the members that is represented by the level annual contribution necessary to amortize the then remaining unfunded accrued liability over a period of forty (40) years. The un- funded accrued liability at any particular time shall be deter- mined~ in accordance with recognized actuarial principles on the basis of methods and assumptions approved by the board, as the excess, if any, of (1) the then present value of benefits, other than post-retirement adjustments as provided for in Section 31-68, then being paid.and to be paid in the f~ture to or in res- pect of members retired and not yet retired over (2) the sum of the value of the assets then held in the retirekaent account plus the then present value of the normal contributions expected to be made in the future by the employer.