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ROBERT L. EHRLICH, JR., Governor Ch. 258
GOVERNMENTAL UNIT AND ITS EMPLOYEES ARE NOT REQUIRED TO MAKE ANY
FURTHER CONTRIBUTIONS TO THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM
FOR THOSE EMPLOYEES WHO ELECT TO WITHDRAW FROM THE CORRECTIONAL
OFFICERS' RETIREMENT SYSTEM.
(II) AS OF THE EFFECTIVE DATE OF WITHDRAWAL, THE
PARTICIPATING GOVERNMENTAL UNIT SHALL CONTINUE TO MAKE ANY
CONTRIBUTIONS REQUIRED UNDER SUBSECTION (A) OF THIS SECTION ON BEHALF
OF THOSE EMPLOYEES WHO DO NOT ELECT TO WITHDRAW FROM THE
CORRECTIONAL OFFICERS' RETIREMENT SYSTEM.
(III) AS OF THE EFFECTIVE DATE OF WITHDRAWAL OF A
PARTICIPATING GOVERNMENTAL UNIT FROM THE CORRECTIONAL OFFICERS'
RETIREMENT SYSTEM, THE BOARD OF TRUSTEES SHALL TRANSFER TO THE
ADMINISTRATIVE BOARD OF THE LOCAL PENSION SYSTEM THE ASSETS THAT ARE
ALLOCABLE TO THE EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL UNIT
WHO ELECT TO WITHDRAW FROM THE CORRECTIONAL OFFICERS' RETIREMENT
SYSTEM AS DETERMINED UNDER PARAGRAPH (4) OF THIS SUBSECTION.
(3) (I) AS OF JUNE 30 OF EACH FISCAL YEAR, THE ACTUARY SHALL
DETERMINE THE ACTIVE PARTICIPANT FUNDING RATIO FOR THE PARTICIPATING
GOVERNMENTAL UNITS AS PROVIDED IN THIS SECTION.
(II) THE ACTIVE PARTICIPANT FUNDING RATIO SHALL BE A
FRACTION, NOT TO EXCEED 1, THAT HAS:
1. AS ITS NUMERATOR, THE ASSETS TO THE CREDIT OF THE
PARTICIPATING GOVERNMENTAL UNITS IN THE ACCUMULATION FUND AND THE
ANNUITY SAVINGS FUND OF THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM
AS ADJUSTED UNDER SUBPARAGRAPH (III) OF THIS PARAGRAPH, DECREASED BY THE
SUM OF THE ACTUARIAL LIABILITIES ALLOCABLE TO RETIREES OF THE
CORRECTIONAL OFFICERS' RETIREMENT SYSTEM WHO RETIRED FROM THE SERVICE
OF THE PARTICIPATING GOVERNMENTAL UNIT AND THE DESIGNATED
BENEFICIARIES OF THOSE RETIREES, FORMER MEMBERS OF THE CORRECTIONAL
OFFICERS' RETIREMENT SYSTEM WHO ARE ELIGIBLE FOR A VESTED ALLOWANCE
WHO SEPARATED FROM EMPLOYMENT WITH THE PARTICIPATING GOVERNMENTAL
UNIT, AND MEMBERS OF THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM WHO
SEPARATED FROM EMPLOYMENT WITH THE PARTICIPATING GOVERNMENTAL UNIT
BUT WHO MAY BECOME ELIGIBLE TO RECEIVE PRIOR ELIGIBILITY SERVICE CREDIT
UNDER § 25-306.1 OF. THIS ARTICLE; AND
2. AS ITS DENOMINATOR, THE ACTUARIAL LIABILITIES THAT
ARE ALLOCABLE TO THE EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL
UNITS WHO ARE MEMBERS OF THE CORRECTIONAL OFFICERS' RETIREMENT SYSTEM.
(III) THE ASSETS TO THE CREDIT OF THE PARTICIPATING
GOVERNMENTAL UNITS AS OF THE VALUATION DATE SHALL BE INCREASED BY THE
SUM OF THE OUTSTANDING BALANCES OF:
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- 1499 -
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