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RESOLUTION
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(1) Administer the Legislative Pension Plan in accordance with the provisions of
this Item 3A;
(2) Credit the assets of the Legislative Pension Plan to the annuity savings fund,
the accumulation fund, and the expense fund of the Employees' Retirement System according to
the purpose for which they are held pursuant to the provisions of Title 21, Subtitle 3 of the State
Personnel and Pensions Article; and
(3) Manage and invest the funds of the Legislative Pension Plan in accordance
with the provisions of Title 21 of the State Personnel and Pensions Article.
(b) Funding.
(1) Each fiscal year, on behalf of the members of the Legislative Pension Plan, the
State shall ascertain and pay to the accumulation fund of the Employees' Retirement System for
the Legislative Pension Plan the amount determined by the actuary pursuant to the provisions of
§§ 21-304 and 21-308 of the State Personnel and Pensions Article, that is an amount sufficient to
fund the benefits payable on a sound actuarial basis.
(2) For the purpose of making the calculations required under this subsection, the
Legislative Pension Plan shall be combined with the Employees' Retirement System and the
Employees' Pension System.
(3) At a minimum, each fiscal year, the State shall pay at least an amount that is
sufficient to provide the benefits payable under this Item 3A during the fiscal year.
4. Membership.
(a) Optional. Membership in the Legislative Pension Plan is optional for each member of
the General Assembly during the 2007 - 2010 term of office.
(b) Joining/Leaving the plan.
(1) Subject to paragraph (2) of this subsection, a legislator may become a member
of the Legislative Pension Plan by completing and submitting an application for membership to
the Board of Trustees any time during the legislator's term of office.
(2) Except as provided in paragraph (3) of this subsection, if a legislator is a
member of the Legislative Pension Plan under a prior resolution of the General Assembly
Compensation Commission, membership in the Legislative Pension Plan shall continue during
the legislator's term of office. The legislator is not required to submit a completed application for
membership to the Board of Trustees.
(3) A legislator who is a member of the Legislative Pension Plan under a prior
resolution of the General Assembly Compensation Commission may elect to cease being a
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4959
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