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(c) The accrued liability contribution rate shall be de- <br />termined as the percentage of the total annual credi~ab!e com- <br />pensation of the members that is represented by the level annual <br />contribution necessary to amortize the then remaining unfunded <br />accrued liability over a period of forty (40) years. The un- <br />funded accrued liability at any particular time shall be deter- <br />mined, in accordance with recognized actuarial principles on <br />the basis of methods and assumptions approved by the board, <br />as the excess, if any, of (1) the then present value of bene- <br />fits, other than post-retirement adjustments as provided for in <br />Section 31-155, then being paid and to be paid in the future to <br />or in respect of members retired and not yet retired over (2) <br />the sum of the value of the assets then held in the retirement <br />account plus the then present value of the normal contributions <br />expected to be made in the future by the employer. <br /> <br /> (d) The supplementary contribution rate shall be determined <br />as the percentage represented by the ratio of (1) the average an- <br />nual amount of post-retirement adjustments as provided for in <br />Section 31-155 which it is anticipated will become payable dur- <br />ing the period to which the rate will be applicable to or in res- <br />pect of retired members, to (2) the total annual creditable com- <br />pensation of the members. <br /> <br /> (e) The normal contribution rate, the accrued liability <br />contribution rate and the supplementary contribution rate shall <br />be determined, on actuarial basis adopted by the board, from the <br />results of each valuation of the system, and shall continue in <br />force until a new valuation is made. <br /> <br /> (f) The board shall certify to the City A~ditor the normal <br />contribution rate, the accrued liability Contribution rate, and <br />the supplementary contribution rate, and every change made there- <br />in from time to time. <br /> <br /> (g) The aggregate employer contribution for any year shall <br />be at least sufficient, when combined with the amount then held <br />in the retirement account, to provide the benefits payable from <br />the account during the current year. <br /> <br /> 3. That this ordinance shall be effective retroactively <br />from July 1, 1977. <br /> <br /> Adopted by the Council of the City of Portsmouth, Virginia, <br />at a meeting held March 28, 1978. <br /> <br />Teste: <br /> <br />City Clerk <br /> <br />-3- <br /> <br /> <br />