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ORDINANCE NO. 2004-16 <br /> <br />AN ORDINANCE TO AMEND CHAPTER 30 OF THE CODE OF THE CITY OF <br />PORTSMOUTH, VIRGINIA (1988) BY AMENDING SECTIONS 30-32 AND 30- <br />157 THEREOF PERTAINING TO THE ACTUARIAL COMPUTATION <br />METHOD FOR CONTRIBUTIONS TO THE PORTSMOUTH SUPPLEMENTAL <br />RETIREMENT SYSTEM AND THE PORTSMOUTH FIRE AND POLICE <br />RETIREMENT SYSTEM. <br /> <br /> BE IT ORDAINED by the Council of the City of Portsmouth, Virginia: <br /> <br /> 1. That Section 30-32 of the Code of the City of Portsmouth, Virginia (1988) <br />be amended and reordained to read as follows: <br /> <br />Sec. 30-32. Same--By employer. <br /> <br /> (a) The employer shall contribute annually an amount equal to the sum of the <br />normal contribution and the accrued liability contribution if any. The normal contribution <br />for any year shall be determined as percentages of the creditable compensation of the <br />members for such year, such percentages being referred to as the normal contribution <br />rate. The accrued liability contribution shall be the dollar amount determined in <br />subsection (c) hereof. <br /> <br /> (b) The normal contribution rate shall be defined as the percentage of the total <br />annual creditable compensation of the members that is represented by the annual normal <br />cost required to provide the benefits of the system, other than any future adjustments as <br />provided for in section 30-122, computed in accordance with the recognized actuarial <br />principles on the basis of methods and assumptions approved by the board. <br /> <br /> (c) The accrued liability contribution shall be defined as the level annual <br />contribution necessary to amortize the then remaining unfunded accrued liability over an <br />amortization period as follows: <br /> <br />Actuarial Valuation Date Amortization Period <br /> <br />July 1, 2004 35 years <br />July 1, 2005 34 years <br />July 1, 2006 30 years <br />July 1, 2007 30 years <br />July 1, 2008 and later to June 30, 2037 <br /> <br /> The unfunded accrued liability at any particular time shall be determined, in <br />accordance with recognized actuarial principles on the basis of methods and assumptions <br />approved by the board, as the excess, if any, of the then present value of benefits, <br />including any adjustments as provided for in section 30-122, expected to be paid in the <br />future to retired and not-yet-retired members or their beneficiaries over the sum of the <br /> <br /> <br />