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value of the assets then held in the retirement account plus the then present value of the <br />normal contributions expected to be made in the future by the employer. <br /> <br /> (d) The normal contribution rate and the accrued liability contribution shall be <br />determined from the results of each valuation of the system using the actuarial basis <br />adopted by the board and shall continue in force until a new valuation is made. The <br />accrued liability contribution shall be adjusted each year based on the amount of the <br />adjustment approved by the city council for that year using the actuarial basis adopted by <br />the board. <br /> <br /> (e) The board shall certify to the city manager the normal contribution rate <br />and the accrued liability contribution and every change made therein from time to time. <br /> <br /> (f) The aggregate employer contribution for any year shall be at least <br />sufficient, when combined with the amount then held in the retirement account, to <br />provide the benefits payable from the account during the current year. <br /> <br /> 2. That Section 30-157 of the Code of the City of Portsmouth, Virginia <br />(1988) be amended and reordained to read as follows: <br /> <br />Sec. 30-157. 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 pememage 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 def'med as the level annual <br />contribution necessary to amortize the then remaining unfunded accrued liability over a <br />period as follows: <br /> <br />Actuarial Valuation Date Amortization Period <br /> <br />July 1, 2004 35 years <br />July l, 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 />