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AN ORDI~iANCE TO AMEND SECTIONS 26-1, -~.6-31, 26-37, 26-48, 26-77, 26-79, 26-81, 26-82 AND 26-86 OF THE CODE OF THE CITY OF PORTSMOUTH, VIRGInNIA 1961, RF/,ATING TO REFUNDS AND MANDATORY P~T!R~E~ UNDER THE PORTSzMOUTH SUPPLm~/ENTAL RETIP~fr SYSTE~4 /~D TO R~W%~%~S, RET~ RE~UIR~,~CS ~-ND BENEFITS UNDER THE PORTS~OUTH FLRE AIO POLICE ~ SYST~4. Be it ordained by the Council of the City ofPortsmouth, Virginia, that Sections 26-1, 26-31, 26-37, 26-48, 26-77, 26-79, 26-81, 26-82, 26-86 of the Code of the City of PortsmOuth, VirginiA, 1961, be amended and reordained to read as follows: Section 26-1. Definitions. As used i~ this article, unless otherwise requirod by the context, the followiDg words and terms shalI have the meanings indicated: Accumulated contributions. The term "accumulated contributions" shall be taken to mean the sam of all amounts deducted from the com- pensation of a member as contributions to the system, together with interest thereon at the rate of two percent per ann~ from the end of the fiscal year in which each such contribution was made. Actuarial equivalent. The term "actuarial equivalent" shall be taken to mean a berefit of equal value when computed upon the basis of such actuarial tables as are adopted by the board. Average final compensation. The term "average final compensation" shall be taken to memn the average annual creditable compensation of a member during the five consecutive years of his highest earnings of credit- able service or durir~ the entire period of his creditable service if less than five years. Beneficiary. The word "benefici~-" shall be taken to mean any person entitled to receive benefits of any 'zind under this article because of the death of a mamber. Board. The word "board" shall be taken to mean the board of trustees of the Portsmouth Supplemental Retirament System, as previded for in sections 26-8 to 26-18. Creditable compensation. The term "creditable conpensation" shall be taken to memn the full com.oensation payable to an employee wor~ng the full worki_~ t~ne for his position; in cases where compensation includes m~in- tenance and other perquisites, the city mnager sh~ll fix the value of that part of the compensation not paid in money.