14                                Laws of Maryland                          [Ch. 9

title "Pensions", sub-title "In General", amending the law con-
cerning special accrued liability contributions on account of par-
ticipating municipal corporations.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 26 (b) of Article 73B of the Annotated Code of Mary-
land (1957 Edition), title "Pensions", sub-title "In General", be and
it is hereby repealed and re-enacted, with amendments, to read as
follows:

26.

(b) Special accrued liability contribution.—Each participating
municipal corporation shall make a special accrued liability con-
tribution on account of its approval of the participation of its officers
and employees in the Employees' Retirement System of the State,
which contribution shall be determined by an actuarial valuation
of the accrued liability on account of the officers and employees of
such participating municipal corporation who elected to become mem-
bers in the same manner as the accrued liability rate was originally
determined for State employees. This special accrued liability con-
tribution, subject to such adjustment as may be necessary on account
of any additional prior service credits awarded to officers or em-
ployees of such participating municipal corporation, shall be pay-
able in lieu of the accrued liability contribution payable on account
of other employees in the system. The expense of making such
initial valuation shall be assessed against and paid by the partici-
pating municipal corporation on whose account it is necessary. Not-
withstanding the foregoing, the unfunded accrued liability of each
participating municipal corporation on March 31, 1960, shall be set
as its pro-rata share of the unfunded accrued liability of all partici-
pating municipal corporations as shown by the actuarial valuation
as of March 31, 1960; and on and after July 1, 1960, the annual
accrued liability contribution of each participating municipal corpo-
ration shall be the flat annual payment which will liquidate its un-
funded liability as so determined in a period equal to nineteen years
reduced by the number of years for which payments were made
prior to July 1, 1960. The accrued liability contribution for any
municipal corporation hereafter participating shall be set on a basis
to liquidate its unfunded accrued liability in a period of nineteen
years.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved February 27, 1961.

CHAPTER 9

(Senate Bill 15)

AN ACT to add a new Section 232 (14) to Article 81 of the Annotated
Code of Maryland (1960 Supplement), title "Revenues REVENUE

Explanation: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.

CAPITALS indicate amendments to bill.

Strike out indicates matter stricken out of bill.