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Session Laws, 2006
Volume 750, Page 1500   View pdf image
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2006 LAWS OF MARYLAND
Ch. 258
1.       THE SPECIAL ACCRUED LIABILITY ATTRIBUTABLE TO THE
PARTICIPATING GOVERNMENTAL UNITS UNDER SUBSECTION (D) OF THIS SECTION;
AND 2.       THE WITHDRAWAL LIABILITY ATTRIBUTABLE TO THE
PARTICIPATING GOVERNMENTAL UNITS UNDER PARAGRAPH (5) OF THIS
SUBSECTION. (4)      (I) THE ASSETS THAT ARE ALLOCABLE TO THE EMPLOYEES OF A
PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO WITHDRAW FROM THE
CORRECTIONAL OFFICERS' RETIREMENT SYSTEM SHALL BE COMPUTED BY THE
ACTUARY AS PROVIDED IN THIS PARAGRAPH. (II)     THE ACTUARY SHALL FIRST MULTIPLY THE ACTIVE
PARTICIPANT FUNDING RATIO FOR THE FISCAL YEAR PRECEDING THE EFFECTIVE
DATE OF WITHDRAWAL OF THE PARTICIPATING GOVERNMENTAL UNIT BY THE
ACTUARIAL LIABILITY ALLOCABLE TO THE EMPLOYEES OF THE PARTICIPATING
GOVERNMENTAL UNIT WHO ELECT TO WITHDRAW. (III)   THE ACTUARY SHALL REDUCE THE AMOUNT DETERMINED
UNDER SUBPARAGRAPH (II) OF THIS PARAGRAPH BY THE OUTSTANDING BALANCE OF
THE SPECIAL ACCRUED LIABILITY CONTRIBUTION ATTRIBUTABLE TO THE
PARTICIPATING GOVERNMENTAL UNIT AS OF THE EFFECTIVE DATE OF
WITHDRAWAL. (5)      (I) THE WITHDRAWAL LIABILITY CONTRIBUTION OF A
PARTICIPATING GOVERNMENTAL UNIT SHALL BE COMPUTED BY THE ACTUARY AS
PROVIDED IN THIS PARAGRAPH. (II)     THE ACTUARY SHALL MULTIPLY THE COMPLEMENT OF THE
ACTIVE PARTICIPANT FUNDING RATIO FOR THE FISCAL YEAR PRECEDING THE
EFFECTIVE DATE OF WITHDRAWAL OF THE PARTICIPATING GOVERNMENTAL UNIT
BY THE ACTUARIAL LIABILITY ALLOCABLE TO THE EMPLOYEES OF THE
PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO REMAIN MEMBERS OF THE
CORRECTIONAL OFFICERS' RETIREMENT SYSTEM. (III)   THE AMOUNT DETERMINED UNDER SUBPARAGRAPH (II) OF
THIS PARAGRAPH MAY NOT BE LESS THAN ZERO. (IV)    EXCEPT AS PROVIDED IN SUBPARAGRAPH (V) OF THIS
PARAGRAPH, THE ANNUAL WITHDRAWAL LIABILITY CONTRIBUTION OF A
PARTICIPATING GOVERNMENTAL UNIT SHALL BE THE ANNUAL PAYMENT THAT IS
SUFFICIENT TO LIQUIDATE, OVER NOT MORE THAN 25 YEARS, THE WITHDRAWAL
LIABILITY CONTRIBUTION BY MEANS OF ANNUAL PAYMENTS THAT INCREASE EACH
YEAR BASED ON THE ACTUARIAL ASSUMPTIONS ADOPTED BY THE BOARD OF
TRUSTEES ON THE RECOMMENDATION OF THE ACTUARY. (V)     SUBJECT TO THE APPROVAL OF THE BOARD OF TRUSTEES AND
THE ACTUARY'S CONCURRENCE, A PARTICIPATING GOVERNMENTAL UNIT MAY:
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Session Laws, 2006
Volume 750, Page 1500   View pdf image
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