5204

VETOES

(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.

(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