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AW ORDINanCE TO .~',~2ND SE0~-IOHS 26-28~ 26-32~ <br />26-33~ 26-34, 26-37~ 26N35 a~nd 26-41 0F ~LE CODE <br />OF ~[E CiI~Y OF POR~S~©Ui~t~ VIRGINIA, 1961, RKLATING <br />TO R~,~fIRFf~f B~TS ~ RE~t~\~DS UND~ ~ PO~. S- <br />MOUIH SU~PL~2~ RE~i~REMEI~ SY~T~'~L <br /> <br /> Be it ordained by the Cotmcil of the ~ty of <br />Por~m, outh, Virginia, that Sections 26-28~ 26-32, <br />26-33~ 26-34, 26-37, 26~38 and 26-41 of the Code <br />of the City of Portsmouth, Virgi,nia, 1~61, be <br />~mendod and reordained to read as follm~s: <br /> <br />Sec. 26-28. Mmmbers' Contribution Accoumt. <br /> <br /> (a) The members' contribution account shall <br />be the acco~mt to whic~h all mmnbers' contributions <br />s_nd interes~ allowances as provided in t~zis <br />ticle, shall be credited. Frc~ this account shall <br />be paid the acc'omulated contributions of a mamber <br />required to be returned to him upon withdrawal, <br />or paid ~m the event of his death before retire- <br />ment. <br /> <br /> (b) ~ne city auditor shall, at the end of <br />each pa)~oll period~ transfer to the mambers' con- <br />tribution ascount frcm the general f~nd an amount <br />equal to the aggregate s~aount of the deductions <br />made for the preceding payroll period fr~ the <br />salaries of all mambers. ~ne city auditor Shall <br />forward a record of all such tr~nsfers to the <br />board. <br /> <br /> (c) Each members' contribution provided for. <br />in sections 26-25 to 26-26 shall be credited to <br />the individual account of the contributing mamber. <br /> <br /> (d) Each indivimual account of the members' <br />contribution acco,mat shall be credited annually <br />with interest at the rate of two percent per <br />armum on the a¢c~aulated contributions of the mare- <br />her; provided, however that interesv shall accrue <br /> <br /> <br />