80

LAWS OF MARYLAND

Ch. 23

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THAT ARE WITHDRAWN BY HIM OR PAID TO HIS PERSONAL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
LIABILITY CONTRIBUTION." THE RATES PERCENT OF THESE
CONTRIBUTIONS SHALL BE FIXED ON THE BASIS OF THE LIABILITIES
OF THE NONCONTRIBUTORY PLAN FOR JUDGES AS SHOWN BY ACTUARIAL
VALUATION.

(3)   ON THE BASIS OF INTEREST AND THE MORTALITY
AND SERVICE TABLES ADOPTED BY THE BOARD OF TRUSTEES,
IMMEDIATELY AFTER MAKING EACH ACTUARIAL VALUATION, THE
ACTUARY SHALL DETERMINE THE "NORMAL CONTRIBUTION" ON ACCOUNT
OF EACH MEMBER ON THE BASIS OF THE ACCRUED BENEFIT ACTUARIAL
COST METHOD. THE RATIO OF THE SUM OF THE NORMAL
CONTRIBUTIONS SO DETERMINED TO THE TOTAL ANNUAL EARNABLE
COMPENSATION OF ALL MEMBERS SHALL BE KNOWN AS THE "NORMAL
CONTRIBUTION" RATE.

(4)   THE ACCRUED LIABILITY CONTRIBUTION RATE
SHALL BE COMPUTED, ON THE BASIS OF THE ACCRUED BENEFIT
ACTUARIAL COST METHOD AND ANY OTHER ASSUMPTION ADOPTED BY
THE BOARD, AS THE RATE PERCENT OF THE TOTAL ANNUAL EARNABLE
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 NONCONTRIBUTORY 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