HARRY HUGHES, Governor

119

ACCOUNT OF THESE EMPLOYEES OF A PARTICIPATING MUNICIPAL
CORPORATION IF THEY WERE STATE EMPLOYEES, INCLUDING A PRO
RATA SHARE OF THE COST OF THE ADMINISTRATION OF THIS PENSION
SYSTEM, BASED ON THE PAYROLL OF THE EMPLOYEES OF THE
PARTICIPATING MUNICIPAL CORPORATIONS, SHALL BE A CHARGE
AGAINST THE PARTICIPATING MUNICIPAL CORPORATION.

(2)   EACH PARTICIPATING MUNICIPAL CORPORATION SHALL
MAKE AN ACCRUED LIABILITY CONTRIBUTION ON ACCOUNT OF ITS
APPROVAL OF THE PARTICIPATION OF ITS OFFICERS AND EMPLOYEES
IN THIS PENSION SYSTEM FOR EMPLOYEES OF THE STATE. THE
CONTRIBUTION SHALL BE DETERMINED BY AN ACTUARIAL VALUATION
OF THE ACCRUED LIABILITY ON ACCOUNT OF THE OFFICERS AND
EMPLOYEES OF THE PARTICIPATING MUNICIPAL CORPORATION WHO
ELECTED TO BECOME MEMBERS IN THE SAME MANNER AS THE ACCRUED
LIABILITY IS DETERMINED FOR STATE EMPLOYEES. THIS ACCRUED
LIABILITY CONTRIBUTION DETERMINED AS HEREINAFTER PROVIDED,
SUBJECT TO ANY ADJUSTMENT THAT MAY BE NECESSARY ON ACCOUNT
OF ANY ADDITIONAL CREDITS AWARDED TO OFFICERS OR EMPLOYEES
OF THE PARTICIPATING MUNICIPAL CORPORATION, SHALL BE PAYABLE
INSTEAD OF THE ACCRUED LIABILITY CONTRIBUTION PAYABLE ON
ACCOUNT OF OTHER EMPLOYEES IN THE SYSTEM. THE EXPENSES OF
MAKING THIS INITIAL VALUATION SHALL BE ASSESSED AGAINST AND
PAID BY THE PARTICIPATING MUNICIPAL CORPORATION ON WHOSE
ACCOUNT IT IS NECESSARY. THE ACCRUED LIABILITY CONTRIBUTION
FOR ANY MUNICIPAL CORPORATION THAT PARTICIPATES SHALL BE SET
ON A BASIS TO LIQUIDATE ITS UNFUNDED ACCRUED LIABILITY IN A
PERIOD OF 40 YEARS. ANY PARTICIPATING MUNICIPAL
CORPORATION, WITH THE CONSENT OF THE BOARD OF TRUSTEES, MAY
LIQUIDATE ITS UNFUNDED ACCRUED LIABILITY IN A SHORTER PERIOD
THAN 40 YEARS.

(3)   EACH YEAR, THE BOARD OF TRUSTEES OF THIS PENSION
SYSTEM SHALL CERTIFY TO THE CHIEF FISCAL OFFICER OF EACH
PARTICIPATING MUNICIPAL CORPORATION THE PROPORTION OF THE
EXPENSE OF THIS PENSION SYSTEM FOR THE PRECEDING FISCAL
YEAR, TOGETHER WITH THE NECESSARY EXPENSES OF THE TRUSTEES
OF THIS PENSION SYSTEM, THAT THE PAYROLL OF THE MEMBERS
EMPLOYED BY THE PARTICIPATING MUNICIPAL CORPORATION BEARS TO
THE AGGREGATE OF THE PAYROLL OF ALL MEMBERS.

(4)   AN AMOUNT CERTIFIED UNDER THIS SUBTITLE BY THE
BOARD OF TRUSTEES TO THE CHIEF FISCAL OFFICER OF A
PARTICIPATING MUNICIPAL CORPORATION SHALL BE INCLUDED IN THE
NEXT BUDGET, APPROPRIATION, OR LEVY OF THE PARTICIPATING
MUNICIPAL CORPORATION AFTER THE CERTIFICATION BY THE BOARD
OF TRUSTEES AND SHALL BE LEVIED AND COLLECTED IN THE SAME
MANNER AS ANY OTHER TAX.

(5)   THE TREASURER OR PROPER FISCAL OFFICER OF EACH
PARTICIPATING MUNICIPAL CORPORATION SHALL PAY TO THE BOARD
OF TRUSTEES THE AMOUNT OF THE CHARGES CERTIFIED TO THE
PARTICIPATING MUNICIPAL CORPORATION BY THE BOARD OF TRUSTEES
AS PROVIDED AND THE AMOUNT OF THE DEDUCTIONS FROM THE
COMPENSATION OF THE MEMBERS WHO ARE OFFICERS OR EMPLOYEES OF
THAT PARTICIPATING MUNICIPAL CORPORATION. THE AMOUNTS
CERTIFIED BY THE BOARD OF TRUSTEES SHALL BE PAID WITHIN 30