HARRY HUGHES, Governor

5205

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.

(3)  Each year, the board of trustees of this pension
system shall certify to the chief fiscal officer of each
participating municipal corporation [the proportion of the
expense of this pension system for the preceding fiscal
year, together with the necessary expenses of the trustees
of this pension system, that the payroll of the members
employed by the 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.

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