2124

LAWS OF MARYLAND

Ch. 602

(ii) Any member of the General Assembly]
ANY JUDGE AS DEFINED IN SUBTITLE "PENSIONS OF JUDGES AND
THEIR SURVIVING SPOUSES" IN THIS ARTICLE.

57.

(b) (1) Each judge covered by the plan shall
contribute to the fund an amount equal to six percent of his
compensation, to be deducted from his compensation each pay
period until he has served as a judge for 16 years. He
shall make no contribution thereafter.

(2) The fund shall be the fund in which all
reserves for the payment of all allowances and other
benefits shall be accumulated and from which shall be paid
all benefits payable under the contributory plan for judges.

(3) 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 contributory plan for judges as shown by actuarial
valuation.

(4)  On the basis of interest and 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, net of employee contributions, 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.

(5)  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 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.