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2006 LAWS OF MARYLAND
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Ch. 258
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(2004 Replacement Volume and 2005 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
21-306.2.
(A) (1) EACH FISCAL YEAR, ON BEHALF OF ITS EMPLOYEES WHO ARE
MEMBERS OF THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM, A
PARTICIPATING GOVERNMENTAL UNIT SHALL PAY AN AMOUNT EQUAL TO OR
GREATER THAN THE PRODUCT OF MULTIPLYING:
(I) THE AGGREGATE ANNUAL EARNABLE COMPENSATION OF
THOSE MEMBERS; AND
(II) THE SUM OF THE NORMAL CONTRIBUTION RATE AND THE
ACCRUED LIABILITY CONTRIBUTION RATE, AS DETERMINED UNDER THIS SECTION.
(2) EACH FISCAL YEAR, IN ADDITION TO THE AMOUNTS REQUIRED TO
BE PAID UNDER PARAGRAPH (1) OF THIS SUBSECTION, A PARTICIPATING
GOVERNMENTAL UNIT SHALL PAY:
(I) THE SPECIAL ACCRUED LIABILITY CONTRIBUTION REQUIRED
BY SUBSECTION (D) OF THIS SECTION; AND
(II) ANY WITHDRAWAL LIABILITY CONTRIBUTION REQUIRED BY
SUBSECTION (E) OF THIS SECTION.
(3) THE AMOUNTS DETERMINED UNDER PARAGRAPHS (1) AND (2) OF
THIS SUBSECTION SHALL BE BASED ON AN ACTUARIAL DETERMINATION OF THE
AMOUNTS THAT ARE REQUIRED TO PRESERVE THE INTEGRITY OF THE
ACCUMULATION FUND OF THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM,
USING:
(I) THE ENTRY-AGE ACTUARIAL COST METHOD;
(II) ACTUARIAL ASSUMPTIONS ADOPTED BY THE BOARD OF
TRUSTEES; AND
(III) THE ASSET VALUATION METHOD RECOMMENDED BY THE
ACTUARY AND ADOPTED BY THE BOARD OF TRUSTEES.
(4) THE ACTUARY SHALL COMPUTE THE CONTRIBUTIONS PAYABLE
UNDER THIS SECTION.
(5) THE AMOUNTS COMPUTED UNDER THIS SECTION ARE A CHARGE
AGAINST THE PARTICIPATING GOVERNMENTAL UNIT TO BE PAID IN ACCORDANCE
WITH § 21-309 OF THIS SUBTITLE.
(B) (1) AS PART OF EACH ACTUARIAL VALUATION, THE ACTUARY SHALL
DETERMINE THE NORMAL CONTRIBUTIONS, NET OF MEMBER CONTRIBUTIONS, ON
ACCOUNT OF MEMBERS OF THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM.
- 1496 -
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