160

LAWS OF MARYLAND

Ch. 24

COMPENSATION OF ALL MEMBERS THAT IS SUFFICIENT TO LIQUIDATE
OVER A PERIOD OF 40 YEARS FROM JULY 1, 1980, THE AMOUNT OF
THE TOTAL LIABILITIES OF THE CONTRIBUTORY PLAN FOR JUDGES AS
OF JUNE 30, 1980 BASED ON BENEFITS ACCRUED TO SAID DATE THAT
IS NOT DISCHARGEABLE BY THE ASSETS TO THE CREDIT OF THE
FUND. UPON THE RECOMMENDATION OF THE ACTUARY, THE BOARD
SHALL ADJUST THE ACCRUED LIABILITY RATE TO REFLECT
EXPERIENCE GAINS AND LOSSES OR THE EFFECT OF CHANGES IN
ACTUARIAL ASSUMPTIONS WITHIN THE PERIOD REMAINING TO
AMORTIZE THE ACCRUED LIABILITY, BUT NOT LESS THAN 15 YEARS.
IF THE ACCRUED LIABILITY IS INCREASED BY LEGISLATION ENACTED
SUBSEQUENT TO JULY 1, 1980, THE ADDITIONAL LIABILITY SHALL
BE FUNDED OVER A PERIOD OF 30 YEARS FROM THE FIRST DAY OF
JULY, COINCIDENT WITH OR NEXT FOLLOWING THE EFFECTIVE DATE
OF THE INCREASE. THE RATE PERCENT SO DETERMINED SHALL BE
KNOWN AS THE "ACCRUED LIABILITY CONTRIBUTION" RATE.

(6)   THE TOTAL AMOUNT PAYABLE TO THE FUND IN
EACH YEAR AFTER THE FIRST YEAR FOLLOWING THE DATE OF
ESTABLISHMENT MAY NOT BE LESS THAN THE SUM OF THE RATES
PERCENT KNOWN AS THE NORMAL CONTRIBUTION RATE AND THE
ACCRUED LIABILITY CONTRIBUTION RATE, OF THE TOTAL
COMPENSATION EARNABLE BY ALL MEMBERS DURING THE PRECEDING
FISCAL YEAR, BUT THE AGGREGATE PAYMENT BY THE STATE MUST BE
SUFFICIENT, WHEN COMBINED WITH THE AMOUNT IN THE FUND, TO
PROVIDE THE ALLOWANCES AND OTHER BENEFITS PAYABLE OUT OF THE
FUND DURING THE YEAR THEN CURRENT.

(7)   ALL INTEREST AND DIVIDENDS EARNED ON THE
FUNDS OF THE CONTRIBUTORY PLAN FOR JUDGES SHALL BE CREDITED
TO THE FUND. EACH YEAR, THE BOARD OF TRUSTEES SHALL ALLOW
REGULAR INTEREST ON THE INDIVIDUAL ACCOUNTS OF MEMBERS IN
THE FUND.

(8)   ALL RETIREMENT ALLOWANCES AND ALL LUMP SUM
DEATH BENEFITS ON ACCOUNT OF DEATH IN ACTIVE SERVICE SHALL
BE PAID FROM THE FUND.

(9)   THE ACCUMULATED CONTRIBUTIONS OF A MEMBER
THAT ARE WITHDRAWN BY HIM OR PAID TO HIS PERSONAL
REPRESENTATIVE OR HIS DESIGNATED BENEFICIARY ON THE MEMBER'S
DEATH, SHALL BE PAID FROM THE FUND.

58.

(D) (1) THE FUND SHALL BE THE FUND IN WHICH ALL
RESERVES FOR THE PAYMENT OF ALL ALLOWANCES AND OTHER
BENEFITS PAYABLE FROM CONTRIBUTIONS MADE BY THE STATE SHALL
BE ACCUMULATED, AND FROM WHICH SHALL BE PAID ALL BENEFITS
PAYABLE UNDER THE NONCONTRIBUTORY PLAN FOR JUDGES.

(2) EACH YEAR, ON ACCOUNT OF EACH MEMBER, THE
STATE SHALL PAY INTO THE FUND AN AMOUNT AT LEAST EQUAL TO A
CERTAIN PERCENTAGE OF THE ANNUAL EARNABLE COMPENSATION OF
THE MEMBER, TO BE KNOWN AS THE "NORMAL CONTRIBUTION," AND AN
ADDITIONAL AMOUNT EQUAL TO A CERTAIN PERCENTAGE OF HIS
ANNUAL EARNABLE COMPENSATION, TO BE KNOWN AS THE "ACCRUED