3125

MONTGOMERY COUNTY

contribution deducted from his regular earnings each
payroll period which shall be paid to the funding
agent. The amount of the member contribution shall
equal six percent (6%) of the regular earnings of a
Group A member, seven percent (7%) of the regular
earnings of a Group B member and seven and one—half
percent (7 1/2%) of the regular earnings of a Group E
member.

(2) The amount of member contributions of a
Group D member shall be as provided in the Police
Relief and Retirement Fund Law of Montgomery County.

SECTION 5. Sections 64(a) , title "Matching
contributions," 64 (b) , title "Normal contributions,"
64 (c), title "Additional contributions," and 64(f),
title "Earnings of the fund," are hereby amended to
read as follows:

(a)   County contributions. The County shall pay
annually to the funding agent each fiscal year a
certain percentage of the compensation of each member,
to be known as the "normal" contribution or "County
accrual rate contribution" and if needed, an
additional contribution to be known as the "unfunded
accrued liability contribution." Not later than July
1, 1967 the amount of the County's normal contribution
shall at least match the contributions made by
members, and the County contributions each fiscal year
roust not be less than the amount which would be
provided by multiplying the latest published actuarial
normal cost accrual rate expressed as a percentage of
covered payroll times the payroll of covered members.

(b)   Normal Contributions and Unfunded Accrued
Liability Contribution. The "normal contribution" or
"County accrual rate contribution" shall be determined
by the County Personnel Board after each actuarial
valuation as the percentage of the compensation of all
members which is sufficient to cover the cost of
benefits for credited future service after taking into
account member's contributions. The unfunded accrued
liability contributions by the County shall be the
amount necessary to liquidate on a level annual basis
the amount of the unfunded accrued liability over not
more than thirty (30) years. The amount to liquidate
annually shall be determined from the unfunded accrued
liability as published in the latest actuarial report
on the system.