HARRY HUGHES, Governor

3885

CORPORATION WHO ELECT TO BECOME MEMBERS, IN THE SAME MANNER
AS THE ACCRUED LIABILITY IS DETERMINED FOR STATE EMPLOYEES.
THIS SPECIAL ACCRUED LIABILITY CONTRIBUTION SHALL BE
COMPUTED ON THE BASIS OF THE ACCRUED BENEFIT ACTUARIAL COST
METHOD AND ANY OTHER ASSUMPTIONS ADOPTED BY THE BOARD. THIS
SPECIAL ACCRUED LIABILITY CONTRIBUTION SHALL BE PAYABLE IN
LIEU OF THE ACCRUED LIABILITY CONTRIBUTION PAYABLE ON
ACCOUNT OF OTHER EMPLOYEES IN THE SYSTEM. ON THE BASIS OF
THE ACTUARIAL VALUATION AS OF JUNE 30, 1980 THE UNFUNDED
ACCRUED LIABILITY OF EACH PARTICIPATING MUNICIPAL
CORPORATION OUTSTANDING AS OF THAT DATE SHALL BE DETERMINED.
THE ANNUAL ACCRUED LIABILITY CONTRIBUTION OF EACH
PARTICIPATING MUNICIPAL CORPORATION SHALL BE THE FLAT
ANNUAL PAYMENT, OR OTHER ANNUAL PAYMENT THAT THE BOARD OF
TRUSTEES WITH THE CONCURRENCE OF THE ACTUARY MAY APPROVE,
THAT IS SUFFICIENT TO LIQUIDATE OVER A PERIOD OF 40 YEARS
FROM JULY 1, 1980 THE TOTAL LIABILITIES OF EACH
PARTICIPATING MUNICIPAL CORPORATION AS OF JUNE 30, 1980
BASED ON BENEFITS ACCRUED TO SAID DATE THAT ARE NOT
DISCHARGEABLE BY THE ASSETS TO THE CREDIT OF EACH PARTICULAR
MUNICIPAL CORPORATION IN THE ACCUMULATION FUND AND THE
ANNUITY SAVINGS FUND. THE ACCRUED LIABILITY CONTRIBUTION
FOR ANY MUNICIPAL CORPORATION HEREAFTER PARTICIPATING SHALL
BE SET ON A BASIS TO LIQUIDATE ITS UNFUNDED ACCRUED
LIABILITY IN A PERIOD OF 40 YEARS. ANY PARTICIPATING
MUNICIPAL CORPORATION MAY, WITH THE CONSENT OF THE BOARD OF
TRUSTEES, LIQUIDATE ITS UNFUNDED ACCRUED LIABILITY IN A
PERIOD SHORTER THAN 40 YEARS. THE EXPENSE OF MAKING SUCH
INITIAL ACCRUED LIABILITY ACTUARIAL VALUATIONS SHALL BE
ASSESSED AGAINST. AND PAID BY THE MUNICIPAL CORPORATION ON
WHOSE ACCOUNT IT IS NECESSARY.

(c)  The board of trustees [of the Employees'
Retirement System] shall annually certify to the chief
fiscal officer of each participating municipal corporation
[the proportion of the expense of the retirement system for
the preceding fiscal year/together with the necessary
expenses of the trustees of the Employees' Retirement
System, which the payroll of the members employed by such
participating municipal corporation bears to, the aggregate
of the payroll of all members.] THE NORMAL CONTRIBUTION RATE
FOR ALL MEMBERS, THE ADJUSTMENT IN THE RATE, THE NORMAL
CONTRIBUTION FOR THE MUNICIPAL CORPORATION, AND THE ACCRUED
LIABILITY CONTRIBUTION FOR THE MUNICIPAL CORPORATION.

(d)   [An amount] THE AMOUNTS certified pursuant to this
[subtitle] SECTION by said board of trustees to the chief
fiscal officer of a participating municipal corporation
shall be included in the next budget, appropriation or levy
of such participating municipal corporation subsequent to
such certification by said board of trustees and shall be
levied and collected in the same manner as other taxes.

(e)  (1) The treasurer or proper fiscal officer of each
participating municipal corporation shall pay to the board