Assets and contributions; employer contributions.
Richmond, Va., City Code § 22-113
in effectSec. 22-113. - Assets and contributions; employer contributions.
(a) The participating employers in the Richmond Retirement System shall contribute annually an amount equal to the sum of the normal contribution and the accrued liability contribution.
(b) The normal contribution for the participating employer for any fiscal year shall be determined on July 1 one year prior to the first day of each fiscal year and shall be computed in accordance with recognized actuarial principles, utilizing methods and assumptions approved by the Board.
(c) The accrued liability contribution for the participating employer for any fiscal year shall be determined on July 1 one year prior to the first day of each fiscal year and shall be computed in accordance with recognized actuarial principles, utilizing methods, assumptions, and amortization periods approved by the Board. It shall consist of:
(1) The amount necessary to amortize the initial unfunded actuarial accrued liability over a period not to exceed 30 years in accordance with acceptable Governmental Accounting Standards Board guidelines.
(2) The contribution necessary to amortize any increase or decrease in the unfunded actuarial accrued liability in future years due to changes in actuarial assumptions; changes in plan provisions, including the granting of cost-of-living increases; or actuarial gains and losses. Each year's increase or decrease in the unfunded actuarial accrued liability shall similarly be amortized over a period not to exceed 30 years in accordance with acceptable Governmental Accounting Standards Board guidelines.
(d) The unfunded actuarial accrued liability as of any valuation date shall be determined by using the same actuarial cost method and assumptions used to determine the normal contribution. As of any valuation date, it shall be equal to the excess of:
(1) The actuarial accrued liability; over
(2) The actuarial value of assets then held in the retirement account. The actuarial value of assets shall be determined under a method which reflects the market value of assets, and which is approved by the Board.
(e) The Board shall certify to the Director of Finance the normal contribution and the accrued liability contribution each year. The contributions will be certified as a dollar amount to be paid to the Richmond Retirement System by the City each pay period during the applicable fiscal year.
(Code 2020, § 22-113.1; Ord. No. 2023-313, § 3, 11-13-2023)
Source: City of Richmond, Virginia, Code (2026 recodification) and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/va/richmond/codes/code_of_ordinances?nodeId=PTIICICO_CH22PURE_ARTIVCO_S22-113ASCOEMCOFetched: 11/8/2026