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2006 LAWS OF MARYLAND
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Ch. 258
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(2) EACH PARTICIPATING GOVERNMENTAL UNIT SHALL MAKE A
SPECIAL ACCRUED LIABILITY CONTRIBUTION ON ACCOUNT OF THE PARTICIPATION
OF ITS EMPLOYEES IN THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM.
(3) THE SPECIAL ACCRUED LIABILITY CONTRIBUTION SHALL BE
DETERMINED BY AN ACTUARIAL VALUATION OF THE SPECIAL ACCRUED LIABILITY
AS OF THE DATE OF APPROVAL OF PARTICIPATION BY THE LEGISLATIVE BODY OF
THE PARTICIPATING GOVERNMENTAL UNIT.
(4) EXCEPT AS PROVIDED IN PARAGRAPH (5) OF THIS SUBSECTION, THE
ANNUAL SPECIAL ACCRUED LIABILITY CONTRIBUTION OF EACH PARTICIPATING
GOVERNMENTAL UNIT SHALL BE THE LEVEL ANNUAL PAYMENT THAT IS
SUFFICIENT TO LIQUIDATE, OVER 25 YEARS BEGINNING ON THE DATE OF APPROVAL
BY THE LEGISLATIVE BODY OF THE PARTICIPATING GOVERNMENTAL UNIT, THE
AMOUNT BY WHICH THE SPECIAL ACCRUED LIABILITY OF THE PARTICIPATING
GOVERNMENTAL UNIT EXCEEDS THE SUM OF:
(I) THE PRESENT VALUE, AS OF THE DATE OF APPROVAL, OF
FUTURE NORMAL CONTRIBUTIONS, FUTURE ACCRUED LIABILITY CONTRIBUTIONS,
AND FUTURE MEMBER CONTRIBUTIONS ON BEHALF OF OR BY MEMBERS WHO ARE
EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL UNIT; AND
(II) ANY CASH AND SECURITIES TRANSFERRED TO THE
CORRECTIONAL OFFICERS' RETIREMENT SYSTEM IN ACCORDANCE WITH §
31-2B-05(B) OF THIS ARTICLE.
(5) SUBJECT TO THE APPROVAL OF THE BOARD OF TRUSTEES, A
PARTICIPATING GOVERNMENTAL UNIT MAY LIQUIDATE ITS UNFUNDED SPECIAL
ACCRUED LIABILITY:
(I) OVER A PERIOD NOT TO EXCEED 40 YEARS; OR
(II) SUBJECT TO THE ACTUARY'S CONCURRENCE, BY MEANS OF
ANNUAL PAYMENTS OTHER THAN LEVEL ANNUAL PAYMENTS.
(6) THE EXPENSE OF MAKING THE INITIAL SPECIAL ACCRUED LIABILITY
ACTUARIAL VALUATION SHALL BE ASSESSED AGAINST AND PAID BY THE
PARTICIPATING GOVERNMENTAL UNIT ON WHOSE ACCOUNT IT IS NECESSARY.
(E) (1) (I) IN THIS SUBSECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.
(II) "ACTIVE PARTICIPANT FUNDING RATIO" MEANS THE RATIO
DETERMINED BY THE ACTUARY AS PROVIDED UNDER PARAGRAPH (3) OF THIS
SUBSECTION.
(III) "COMPLEMENT OF THE ACTIVE PARTICIPANT FUNDING RATIO"
IS A RATIO EQUAL TO 1 MINUS THE ACTIVE PARTICIPANT FUNDING RATIO.
(2) (I) ON AND AFTER THE DATE OF A PARTICIPATING
GOVERNMENTAL UNIT'S WITHDRAWAL FROM THE CORRECTIONAL OFFICERS'
RETIREMENT SYSTEM UNDER § 31-302(D) OF THIS ARTICLE, THE PARTICIPATING
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