1996

LAWS OF MARYLAND

Ch. 651

REQUIRED OVER A 40-YEAR PERIOD TO LIQUIDATE 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 contributions made on
account of such members during the remainder of their active
service. The percentage rate so determined shall be known
as the "accrued liability contribution" rate. THE BOARD OF
TRUSTEES, ON THE RECCOMENDATION OF THE ACTUARY, MAY INCREASE
THIS RATE WHEN NECESSARY TO REFLECT EXPERIENCE DEFICIENCIES.
IF THE ACCRUED LIABILITY IS INCREASED BY LEGISLATION, THE
ACCRUED LIABILITY RATE SHALL BE INCREASED TO THE EXTENT
REQUIRED TO LIQUIDATE THE ADDITIONAL LIABILITY IN A PERIOD
NOT EXCEEDING 40 YEARS,

SECTION 3. AND BE IT FURTHER ENACTED, That section(s)
of the Annotated Code of Maryland be repealed, amended, or
enacted to read as follows:

Article 88B - State Police

56,

All of the assets of the retirement system shall be
credited, according to the purpose for which they are held,
among three funds, namely, the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(2) (d) Immediately succeeding the valuation as of
[June 30, 1973] JUNE 30, 1976, 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 [five per centum of the amount of] THE LEVEL
ANNUAL PAYMENT REQUIRED OVER A 40-YEAR PERIOD TO LIQUIDATE
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 originally so
determined shall be known as the "accrued liability
contribution" rate. THE BOARD OF TRUSTEES, ON THE
RECOMMENDATION OF THE ACTUARY, MAY INCREASE THIS RATE WHEN
NECESSARY TO REFLECT EXPERIENCE DEFICIENCIES. IF THE
ACCRUED LIABILITY IS INCREASED BY LEGISLATION, THE ACCRUED
LIABILITY RATE SHALL BE INCREASED TO THE EXTENT REQUIRED TO
LIQUIDATE THE ADDITIONAL LIABILITY IN A PERIOD NOT EXCEEDING
40 YEARS.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 16, 1978.

CHAPTER 652