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2006 LAWS OF MARYLAND
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Ch. 110
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(1) THE FUNDING STATUS OF THE STATE RETIREMENT AND PENSION
SYSTEM, INCLUDING ITS CURRENT UNFUNDED ACCRUED LIABILITY;
(2) THE COMPOSITION OF THE SEVERAL SYSTEMS, INCLUDING:
(I) THE NUMBER OF ACTIVE MEMBERS, RETIREES, DISABILITY
RETIREES, AND BENEFICIARIES OF ALL RETIREES;
(II) THE AVERAGE ANNUAL SALARIES OF THE ACTIVE MEMBERS IN
THE VARIOUS PLANS IN THE STATE RETIREMENT AND PENSION SYSTEM;
(III) THE AVERAGE ANNUAL BENEFITS OF THE RETIREES AND
BENEFICIARIES OF THE STATE RETIREMENT AND PENSION SYSTEM; AND
(IV) THE AVERAGE AGE AND YEARS OF SERVICE OF ACTIVE
MEMBERS RETIRING FROM THE VARIOUS PLANS IN THE STATE RETIREMENT AND
PENSION SYSTEM; AND
(3) THE BENEFIT LEVELS PROVIDED BY THE VARIOUS STATE SYSTEMS,
INCLUDING A COMPARISON OF MEMBER CONTRIBUTION RATES AND THE ACCRUAL
RATES.
(C) THE FINDINGS OF THE ACTUARIAL CONSULTING FIRM SHALL BE
SUBMITTED TO THE JOINT COMMITTEE ON PENSIONS ON OR BEFORE DECEMBER 31,
OF THE YEAR OF STUDY, IN ACCORDANCE WITH § 2-1246 OF THE STATE
GOVERNMENT ARTICLE.
23-212.
(a) Except as [provided in subsection (b) of] OTHERWISE PROVIDED IN this
section, a member's contribution rate is 5% of the part of the member's earnable
compensation that exceeds the taxable wage base for each year.
(b) The contribution rate of a member who is subject to the contributory
pension benefit under Part II of this subtitle is 2% of the member's earnable
compensation.
(C) THE CONTRIBUTION RATE OF A MEMBER OF THE EMPLOYEES' PENSION
SYSTEM WHO IS SUBJECT TO THE MODIFIED ALTERNATE CONTRIBUTORY PENSION
BENEFIT SELECTION UNDER PART III OF THIS SUBTITLE IS:
(1) 2.7% 3% OF THE MEMBER'S EARNABLE COMPENSATION RECEIVED
FROM JULY 1, 2006 TO JUNE 30, 2007, BOTH INCLUSIVE;
(2) 3.4% 4% OF THE MEMBER'S EARNABLE COMPENSATION RECEIVED
FROM JULY 1, 2007 TO JUNE 30, 2008, BOTH INCLUSIVE; AND
(3) 4.1% 5% OF THE MEMBER'S EARNABLE COMPENSATION RECEIVED
FROM JULY 1, 2008 TO JUNE 30, 2000, BOTH INCLUSIVE; ON OR AFTER JULY 1, 2008.
(4) 4.8% OF THE MEMBER'S EARNABLE COMPENSATION RECEIVED FROM
JULY 1, 2000 TO JUNE 30, 2010, BOTH INCLUSIVE; AND
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