HARRY HUGHES, Governor

199

THE LOCAL PENSION SYSTEM AS OF THE DATE OF THE APPROVAL,
SHALL CERTIFY THE PROPORTION, IF ANY, OF THE FUNDS OF THE
LOCAL SYSTEM THAT REPRESENTS THE ACCUMULATED CONTRIBUTIONS
OF THE MEMBERS, AND THE RELATIVE SHARES OF THE MEMBERS AS OF
THAT DATE. THESE SHARES SHALL BE CREDITED TO THE RESPECTIVE
ANNUITY SAVINGS ACCOUNTS OF THE MEMBERS IN THIS PENSION
SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND. THE BALANCE
OF FUNDS TRANSFERRED TO THIS PENSION SYSTEM SHALL BE OFFSET
AGAINST THE ACCRUED LIABILITY BEFORE DETERMINING THE SPECIAL
ACCRUED LIABILITY CONTRIBUTION TO BE PAID BY THE MUNICIPAL
CORPORATION AS PROVIDED BY § 135 OF THIS SUBTITLE. THE
OPERATION OF THE LOCAL PENSION SYSTEM SHALL BE DISCONTINUED
AS OF THE DATE OF APPROVAL.

134. DUTIES OF CERTAIN FISCAL OFFICERS.

THE CHIEF FISCAL OFFICER OF EACH MUNICIPAL CORPORATION
THAT APPROVES THE INCLUSION OF ITS OFFICERS AND EMPLOYEES IN
THIS PENSION SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND
SHALL SUBMIT TO THE BOARD OF TRUSTEES OF THIS PENSION SYSTEM
THE INFORMATION AND SHALL CAUSE TO BE PERFORMED IN RESPECT
TO EACH OF THE EMPLOYEES OF THE MUNICIPAL CORPORATION THE
DUTIES THAT WOULD BE PERFORMED IN THE STATE SERVICE BY THE
HEAD OF A DEPARTMENT OF THE STATE EMPLOYING MEMBERS OF THIS
PENSION SYSTEM.

135. DUTIES OF ACTUARY; CONTRIBUTIONS TO FUNDS.

(1)   THE ACTUARY OF THIS PENSION SYSTEM FOR EMPLOYEES
OF THE STATE SHALL COMPUTE THE CONTRIBUTIONS THAT THE STATE
WOULD PAY EACH YEAR ON BEHALF OF MEMBERS WHO ARE EMPLOYEES
OF A PARTICIPATING MUNICIPAL CORPORATION AS THOUGH THEY WERE
STATE EMPLOYEES. THE COMPUTED CONTRIBUTIONS SHALL BE
CERTIFIED BY THE BOARD OF TRUSTEES OF THIS PENSION SYSTEM TO
THE CHIEF FISCAL OFFICER OF EACH PARTICIPATING MUNICIPAL
CORPORATION. THE AMOUNTS THAT THE STATE WOULD PAY ON
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