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Session Laws, 1975
Volume 716, Page 5391   View pdf image
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5391
MONTGOMERY COUNTY

covered members. The actuary shall determine a single
normal contribution or County accrual rate contribution
for each group which shall be applicable to and payable
by each participating agency.

(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
contribution shall be the amount necessary to liquidate
on a level annual basis the amount of the unfunded
accrued liability over not more than thirty years. The
amount to liquidate annually shall be determined from the
unfunded accrued liability published in the latest
actuarial report. The base amount of unfunded accrued
liability contributions payable by each participating
agency shall be determined by the actuary on the basis of
June 30, 1973 membership. Thereafter, the actuary shall
determine a percentage of covered payroll for each group
for additional unfunded accrued liability payments in
excess of the June 30, 1973 base amount that may become
due and payable as the result of benefit improvements,
salary increases or other applicable factors, which shall
be applicable to and payable by each participating
agency,

SECTION VII. Sections 41(a), title "Members
credited service", 41(b), title "Procedures for
determining credited future service", 41(c), title
"Credited service for period of service in the Armed
Forces of the United States", 41 (i), title "Credited
service for prior military service", 41 (j), title
"Payment of contributions for credited service for prior
military service", 41(m), title "Use of compensatory
leave and annual leave in payment for credited service",
41(p), title "Transfers to County retirement system",
41(r), title "Other transfers to the County's retirement
system", 41(s), title "Limitation on credited service",
and 41(w), title "Purchase of prior State and County
service credits", are hereby amended to read as follows:

(a) Member's credited service. A member's credited
service equals the sum of credited future service and
credited past service, determined as follows:

(1) Credited future service is credited
service rendered by a member after the effective date of
this retirement system.

 

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Session Laws, 1975
Volume 716, Page 5391   View pdf image
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