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LAWS OF MARYLAND

[Ch. 558

(Senate Bill 11)

AN ACT concerning

Pensions — Accrued Liability Contributions

FOR the purpose of changing the rate of the accrued
liability contribution required to be paid by the
State under the State Employees' Retirement System.

BY repealing and re—enacting, with amendments,

Article 73B - Pensions

Section 14(2) (d)

Annotated Code of Maryland

(1970 Replacement Volume and 1974 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section 14(2) (d) of Article 73B -
Pensions, of the Annotated Code of Maryland (1970
Replacement Volume and 1974 Supplement) be and it is
hereby repealed and re—enacted, with amendments, to read
as follows:

Article 73B — Pensions

14.

(2) (d) Immediately succeeding the valuation as
of June 30, 1973, the actuary engaged by the board of
trustees shall compute the rate per centum of the total
annual earnable compensation of all members which is
equivalent to (four] FIVE per centum of the amount of the
total pension and death benefit liability on account of
all members and beneficiaries which is not dischargeable
by the funds in hand and the aforesaid normal
contribution made on account of such members during the
remainder of their active service. The rate per centum
so determined shall be Known as the "accrued liability
contribution" rate.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1975.

Approved May 15, 1975.