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ROBERT L. EHRLICH, JR., Governor
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Ch. 110
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(I) AN EMPLOYEE OF A PARTICIPATING GOVERNMENTAL UNIT
PARTICIPATING IN THE EMPLOYEES' PENSION SYSTEM THAT HAS NOT ELECTED TO
PARTICIPATE IN THE MODIFIED CONTRIBUTORY PENSION BENEFIT UNDER § 31-116.1
OF THIS ARTICLE OR A FORMER PARTICIPATING GOVERNMENTAL UNIT THAT HAS
WITHDRAWN FROM THE EMPLOYEES' PENSION SYSTEM; OR
(II) A MEMBER OF THE EMPLOYEES' PENSION SYSTEM OR THE
TEACHERS' PENSION SYSTEM WHO TRANSFERRED FROM THE EMPLOYEEES'
RETIREMENT SYSTEM OR THE TEACHERS' RETIREMENT SYSTEM AFTER APRIL 1, 1998.
(2) THE CONTRIBUTION RATE OF A MEMBER OF THE EMPLOYEES'
PENSION SYSTEM WHO IS SUBJECT TO THE MODIFIED CONTRIBUTORY PENSION
BENEFIT UNDER PART III OF THIS SUBTITLE IS:
(1) (I) 3.17% 2.7% OF THE MEMBER'S EARNABLE COMPENSATION
RECEIVED FROM JULY 1, 2006 TO JUNE 30, 2007, BOTH INCLUSIVE;
(2) (II) 4.3% 3.4% OF THE MEMBER'S EARNABLE COMPENSATION
RECEIVED FROM JULY 1, 2007 TO JUNE 30, 2008, BOTH INCLUSIVE; AND
(3) (III) 5.5% 4.1% OF THE MEMBER'S EARNABLE COMPENSATION
RECEIVED ON OR AFTER JULY 1, 3008. FROM JULY 1, 2008 TO JUNE 30, 2000, BOTH
INCLUSIVE;
(IV) 4.8% OF THE MEMBER'S EARNABLE COMPENSATION RECEIVED
FROM JULY 1, 2000 TO JUNE 30, 2010, BOTH INCLUSIVE; AND
(V) 5.5% OF THE MEMBER'S EARNABLE COMPENSATION RECEIVED
ON OR AFTER JULY 1, 2010.
(D) (3) THE CONTRIBUTION RATE OF A MEMBER OF THE TEACHERS'
PENSION SYSTEM WHO IS SUBJECT TO THE MODIFIED CONTRIBUTORY PENSION
BENEFIT UNDER PART III OF THIS SUBTITLE IS 5.5% OF THE MEMBER'S EARNABLE
COMPENSATION-
SECTION 2. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article - State Personnel and Pensions
21-125.1.
(A) BEGINNING ON OR BEFORE SEPTEMBER 1, 2008, AND EVERY 5 YEARS
THEREAFTER THE JOINT COMMITTEE ON PENSIONS SHALL COMMISSION AN
ACTUARIAL CONSULTING FIRM TO CONDUCT AN EXPERIENCE STUDY OF THE
SEVERAL SYSTEMS IN ADDITION TO THE ACTUARIAL INVESTIGATION AND
VALUATION PERFORMED BY THE ACTUARY UNDER § 21-125 OF THIS SUBTITLE AND A
COMPARISON OF THE SEVERAL SYSTEMS WITH OTHER SIMILARLY SITUATED PUBLIC
PENSION PLANS.
(B) THE ACTUARIAL CONSULTING FIRM SHALL CONSIDER THE FOLLOWING
ISSUES WITH REGARD TO THE SEVERAL SYSTEMS AND OTHER SIMILARLY SITUATED
PUBLIC PENSION PLANS.
- 673 -
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