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AN ORDINANCE <br />• AMENDING AND REORDAINING SECTION 19-92 OF THE CODE <br />OF THE CITY OF CHARLOTTESVILLE, 1990, AS AMENDED, <br />RELATED TO SUPPLEMENTAL RETIREMENT OR PENSION PLAN <br />BE IT ORDAINED by the Council of the City of Charlottesville <br />that Section 19-92 of Article IV of Chapter 19 of the Charlottes- <br />ville City Code, 1990, as amended, is hereby amended and reordained <br />as follows: <br />Sec. 19-92. Contributions. <br />(a) No contributions shall be made or shall be required to be <br />made by members of the plan. <br />(b) Beginning July 1, }9-76 1992, the city council shall <br />appropriate, and the city shall contribute annually to the <br />retirement fund established pursuant to section 19-63, an amount <br />equal to the sum of the normal contribution, and the accrued <br />liability contribution, if any;sepp3einentalr-eentrrbtrtierr, <br />it -any. <br />(c) The normal contribution for any year shall be determined <br />as a percentage, equal to the normal contribution rate, of the <br />total creditable compensation of the members for such year. <br />Similarly, the accrued liability contribution rate for any year <br />• shall be determined as a percentage, equal to the accrued liability <br />contribution rate, of such total creditable compensation. Also; <br />tke-snpp�e�nenta�-eantr3bnt4en-€er-any-year-shad€-Be-deter�n}ned-es <br />a-pereeatagc,- to -the -a pp€ementary� iix:ti<mmet ,-o€-seek <br />tete€-eied3tah3e-eaiapensat3en- In determining the amount of any <br />contribution, a reasonable approximation to the exactly computed <br />amount may be used. <br />(d) The normal contribution rate shall be determined as the <br />percentage of the total annual creditable compensation of the <br />members that is represented by the sum of the annual entry-ege <br />normal�eets�egirirec�fio-prev3do-tke <br />the-plan-p3tis-t-ke-�os�v� �__`i�sv�i�-t�ltarr-serviee-retireieent <br />e}}eNanees-expeetee} cr 3t�en e1 -€n -the -enstAvT-year-,-ai-1 service <br />computed in accordance with recognized actuarial principles on the <br />basis of methods and assumptions approved by the commission. The <br />normal contribution rate shall be determined from the results of <br />each valuation which shall be made as directed by the commission <br />not less frequently than biennially. <br />(e) The accrued liability contribution rate shall be <br />determined as the percentage of the total annual creditable <br />compensation of the members that is represented by the level annual <br />contribution necessary to: <br />• %1L amortize the unfunded actuarial accrued liability as of <br />July 1. 1992 over thirty (30) years from July 1. 1992 <br />with payments increasing four percent (4%) each year. and <br />