5200

VETOES

(a)  The actuary of the Employees' Retirement System of
the State shall compute the contributions which would be
payable annually [by the State] on behalf of members who are
employees of a participating municipal corporation as though
they were State employees. [The contributions so computed
shall be certified by the trustees of the Employees'
Retirement System to the chief fiscal officer of each
participating municipal corporation.] The amounts [which
would be payable by the State on account of such employees
of a participating municipal corporation if they were State
employees, including a pro rata share of the cost of the
administration of the said retirement system, based upon the
payroll of the employees of such participating municipal
corporation,] COMPUTED shall be a charge against such
participating municipal corporation TO BE PAID IN ACCORDANCE
WITH THE PROVISIONS OF THIS SECTION.

(b)  [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,
which 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 elected to become members in the same manner
as the accrued liability was originally determined for State
employees. This special accrued liability contribution
determined as hereinafter provided, subject to such
adjustment as may be necessary on account of any additional
prior service credits awarded to officers or employees of
such participating municipal corporation, shall be payable
in lieu of the accrued liability contribution payable on
account of other employees in the system. The expense of
making such initial valuation shall be assessed against and
paid by the participating municipal corporation on whose
account it is necessary. On the basis of the actuarial
valuation as of June 30, 1973, the unfunded accrued
liability of each participating municipal corporation
outstanding as of that date plus the additional accrued
liability resulting from the amendments effective July 1,
1973, shall be determined; and on and after July 1, 1973,
the annual accrued liability contribution of each
participating municipal corporation shall be the flat annual
payment which will liquidate its total unfunded accrued
liability as so determined in a period of thirty years from
July 1, 1973. 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 thirty years. Any participating municipal
corporation may with the consent of the board of trustees
liquidate its unfunded accrued liability in a shorter period
than thirty years.]