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The unfunded accrued liability at anyparticular 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 />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 furore 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 rare <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 leasl <br />sufficient, when combined with the amount then held in the retirement account, ro <br />provide the benefits payable from the account during the current year. <br /> <br /> 3. That this ordinance shall take effect on the date of its adoption. <br /> <br /> ADOPTED by the Council of the City of Portsmouth, Virginia at a meeting held <br />on March 9, 2004. <br /> <br /> Teste: <br /> <br /> <br /> <br /> City Clerk <br /> <br /> <br />