5390

COUNTY LOCAL LAWS

handling appeals. If the employee does not appeal, such
retirement shall not become effective without approval by
the County Personnel Board. Such retirement shall be
considered a separation from the County service in good
standing and without prejudice. In such retirement the
early retirement reduction factors shall not apply and
the member shall receive a pension commencing immediately
equal to fifty percent of final earnings or two percent
of final earnings multiplied by years of credited
service, whichever is greater. There shall be included
in the County's budget any additional amount to pay such
pension.

SECTION V. Section 39(a), title "Percent of member
contributions" is hereby amended to read as follows:

(a) Percent of member contributions. The percent
of member contributions shall be determined as follows:

(1)   Any member entering the retirement system
on or after August 15, 1965, shall have contributions
deducted from regular earnings each payroll period. The
amount of contributions shall equal six percent of the
regular earnings of a Group A or Group F member, seven
percent of the regular earnings of a Group B member, and
seven and one—half percent of the regular earnings of a
Group E member.

(2)    The amount of contributions of a Group D
member is defined in the Police Relief and Retirement
Fund Law of Montgomery County and shall not be less than
seven and one—half percent effective July 1, 1975.

SECTION VI. Sections 40(a), title "County
contributions", 40(b), title "Normal contributions and
unfunded accrued liability contribution", are hereby
amended to read as follows:

(a) County's contributions. The County and each
participating agency shall pay to the funding agent each
fiscal year a certain percentage of compensation of each
member, to be known as "normal contribution" or "County
accrual rate contribution" and if necessary an additional
contribution to be known as "unfunded accrued liability
contribution". The amount of normal contribution shall
at least match the contribution made by members each
fiscal year but must 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