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Ch. 238
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2005 LAWS OF MARYLAND
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(5) The amounts computed under this section are a charge against the
participating governmental unit to be paid in accordance with § 21-309 of this
subtitle.
(b) (1) As part of each actuarial valuation, the actuary shall determine the
normal contributions, net of member contributions, on account of members of the
Local Fire and Police System.
(2) Except as provided in paragraph (3) of this subsection, the normal
contribution rate for the Local Fire and Police System equals the fraction that has:
(i) as its numerator, the sum of the normal contributions
determined under this subsection; and
(ii) as its denominator, the aggregate annual earnable
compensation of the members of the Local Fire and Police System.
(3) On the recommendation of the actuary, the Board of Trustees may
adjust the normal contribution rate determined under this section to provide for:
(i) experience gains and losses;
(ii) the effect of changes in actuarial assumptions; and
(iii) the effect of legislation enacted after July 1, 1989.
(c) (1) The accrued liability contribution rate for the Local Fire and Police
System shall be computed as the percent of the aggregate earnable compensation of
the members of the Local Fire and Police System that is sufficient to liquidate over 40
years beginning July 1, 1989, the amount, as of June 30, 1989, by which the total
liabilities of the Local Fire and Police System exceeded the sum of:
(i) the assets in the accumulation fund and the annuity savings
fund of the Local Fire and Police System; and
(ii) the present value of future normal contributions, future special
accrued liability contributions, future withdrawal liability contributions, and future
member contributions.
(2) On the recommendation of the actuary, the Board of Trustees may
adjust the accrued liability contribution rate to reflect:
(i) experience gains and losses;
(ii) the effect of changes in actuarial assumptions; and
(iii) the effect of legislation enacted after July 1, 1989.
(d) (1) In this subsection, "special accrued liability" means, as to any
participating governmental unit, the liability of the Local Fire and Police System on
account of the employees of the participating governmental unit who elect to become
members under § 28-202(b) of this article.
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- 1270 -
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