3888

LAWS OF MARYLAND

Ch. 755

(B)  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, 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. UPON THE
RECOMMENDATION OF THE ACTUARY, THE BOARD MAY ADJUST THE
"NORMAL CONTRIBUTION" RATE FOR THE MUNICIPAL CORPORATIONS.
SUCH ADJUSTMENTS, ALSO, SHALL PROVIDE FOR EXPERIENCE GAINS
AND LOSSES, THE EFFECT OF CHANGES IN ACTUARIAL ASSUMPTIONS,
AND THE EFFECT OF LEGISLATION ENACTED SUBSEQUENT TO. JULY 1,
1980.

(C)  EACH PARTICIPATING MUNICIPAL CORPORATION
SHALL MAKE A SPECIAL ACCRUED LIABILITY CONTRIBUTION ON
ACCOUNT OF ITS APPROVAL OF THE PARTICIPATION OF ITS OFFICERS
AND EMPLOYEES IN THE EMPLOYEES' RETIREMENT SYSTEM OF THE
STATE. THIS CONTRIBUTION SHALL BE DETERMINED BY AN
ACTUARIAL VALUATION OF THE ACCRUED LIABILITY, ON ACCOUNT OF
THE OFFICERS AND EMPLOYEES OF SUCH PARTICIPATING MUNICIPAL
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.