948                                        LAWS OF MARYLAND                                Ch. 459

supplementary pension benefit.]

15.

All pensions payable to former employees retired under the provisions of this
article and in force on the date this system is established shall be continued and
paid hereafter from the [Pension] Accumulation Fund at the full amounts
stipulated under said article. The residue of any appropriation made for the
payment of such pension shall be transferred and credited to the [Pension]
Accumulation Fund. Any additional amounts required to continue such pensions
shall be provided by an increase in the accrued liability contribution otherwise
payable to the [Pension] Accumulation Fund.

16.

The creation and maintenance of reserves in the [Pension] Accumulation Fund,
the maintenance of annuity reserves and pension reserves as provided for, and
regular interest creditable to the various funds as provided in § 14 of this article,
and the payment of all pensions, annuities, retirement allowances, refunds and
other benefits granted under the provisions of this article and all expenses in
connection with the administration and operation of this retirement system, are
hereby made obligations of the State. All income, interest and dividends derived
from deposits and investments authorized by this article shall be used for the
payment of the said obligations of the State. Any amounts derived therefrom
which, when combined with the regular amounts otherwise contributable by the
State, exceed the amount required to provide said obligations, shall be used to
reduce the regular appropriations otherwise required, except as otherwise provided
in § 14 [(3)] (2) (j) of this article.

26.

(b) Each participating municipal corporation shall make a special accrued
liability contribution 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 members in the same manner as the accrued
liability [rate I was originally determined for State employees. This special accrued
liability contribution DETERMINED AS HEREINAFTER PROVIDED , subject
to such adjustment as may be necessary on account of any additional prior service
credits awarded to officers or employees of such participating municipal
corporation, shall be payable 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 participating municipal
corporation on whose account it is necessary. [Notwithstanding 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
participating 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 corporation shall be the flat annual
payment which will liquidate its unfunded 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.] On the basis of the actuarial valuation as of June 30,
[1969] 1973, the unfunded accrued liability of each participating municipal
corporation outstanding as of that date plus the additional accrued liability
resulting from the amendments effective July 1, [1969] 1973, shall be determined;
and on and after July 1, [1969] 1973, the annual accrued liability contribution of
each participating municipal corporation shall be the flat annual payment which