HARRY HUGHES, Governor

3887

135.

(1)  The actuary of this Pension System for Employees
of the State shall compute the contributions that [the
State] would [pay] BE PAYABLE 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,] COMPUTED shall be a charge against the
participating municipal corporation TO BE PAID IN ACCORDANCE
WITH THE PROVISIONS OF THIS SECTION.

(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
account of other employees in the system. The expenses of
making this initial valuation shall be assessed against and
paid by the participating municipal corporation on whose
account it is necessary. The accrued liability contribution
for any municipal corporation that participates shall be set.
on a basis to liquidate its unfunded accrued liability in a
period of 40 years. Any participating municipal
corporation, with the consent of the board of trustees, may
liquidate its unfunded accrued liability in a shorter period
than 40 years.]

(A) EACH YEAR, ON ACCOUNT OF EACH OF ITS
MEMBERS, EACH MUNICIPAL CORPORATION SHALL PAY INTO THE
ACCUMULATION FUND AN AMOUNT AT LEAST EQUAL TO A CERTAIN
PERCENTAGE OF THE ANNUAL EARNABLE COMPENSATION OF EACH
MEMBER TO BE KNOWN AS THE "NORMAL CONTRIBUTION", AND AN
ADDITIONAL AMOUNT TO BE KNOWN AS THE "ACCRUED LIABILITY
CONTRIBUTION". THESE AMOUNTS SHALL BE FIXED ON THE BASIS OF
THE LIABILITIES OF THE RETIREMENT SYSTEM BY ACTUARIAL
VALUATION.