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(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 tke benefits of the systemt computed in accord- ance with recognized actuarial principles on the basis o~ m~thods and assumptions approved by the board~ (c) The accrued liability contribution rate shall be determined as the percentage of the total annual creditable com- pensation ~f the members that is represented by the level annual contribution necessary to amortize the then remaining unfunded accrued liability over a period of forty years. The unfunded accrued liability at any particular time shall be determined~ in accordance with recognized actuarial principles on the basis of methods and assumptions approved by the board, as the excess, if any of (i) the then present value o~ future payments under re- tirement allowances then being paid and of benefits to be paid in the future to or in respect of members not yet then retired over (ii) the sum of the value of the assets then held in the retire- ment account plus the then present value of the normal contribu- tions expected to be m~de in the future by the employer. (d) The normal contribution rate and the accrued liabi- lity con~ribution rate shall be determined~ on actuarial bases adopted by the board~ from thee ~esults of each valuation of the system, and shall continue in force until a new valuation ~s made. (e) ~he board shall certify to the city auditor the normal cont~ibution rate and the accrued liability contribution rate, and every change made there!n from time to time. (f) The aggregate employer contribution for any year shall be at least sufficient, when combined with the amount then held in the retire~.ent account~ to provide the benefits payable from th~ account ~urin~ the current year. Section 26-72. Retirement account. Ail of the funds and assets of the system shall be held in a single retirement account, in which shall be acc~ulate~ ail contributions by the members and by the ~ployer~ and to which all income from the invested funds and assets of the system shall be credited. From this account shall be paid the refunds of ac- cu~ulated contributions, th~ death benefits and the retirement allowances provided for in tkis article. Section 26-76° Service retirement. (a) Any member in service who either has attained his normal retirement date or has completed twenty-five years of