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ROBERT L. EHRLICH, JR., Governor
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Ch. 238
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(2) Each participating governmental unit shall make a special accrued
liability contribution on account of the participation of its employees in the Local Fire
and Police System.
(3) The special accrued liability contribution shall be determined by an
actuarial valuation of the special accrued liability as of the date of approval of
participation by the legislative body of the participating governmental unit.
(4) Except as provided in paragraph (5) of this subsection, the annual
special accrued liability contribution of each participating governmental unit shall be
the level annual payment that is sufficient to liquidate, over 25 years beginning on
the date of approval by the legislative body of the participating governmental unit,
the amount by which the special accrued liability of the participating governmental
unit exceeds the sum of:
(i) the present value, as of the date of approval, of future normal
contributions, future accrued liability contributions, and future member contributions
on behalf of or by members who are employees of the participating governmental unit;
and
(ii) any cash and securities transferred to the Local Fire and Police
System in accordance with § 31-205(b) of this article.
(5) Subject to the approval of the Board of Trustees, a participating
governmental unit may liquidate its unfunded special accrued liability:
(i) over a period not to exceed 40 years; or
(ii) subject to the actuary's concurrence, by means of annual
payments other than level annual payments.
(6) The expense of making the initial special accrued liability actuarial
valuation shall be assessed against and paid by the participating governmental unit
on whose account it is necessary.
(e) (1) (i) In this subsection the following words have the meanings
indicated.
(ii) "Active participant funding ratio" means the ratio determined
by the actuary as provided under paragraph (3) of this subsection.
(iii) "Complement of the active participant funding ratio" is a ratio
equal to 1 minus the active participant funding ratio.
(2) (i) On and after the date of a participating governmental unit's
withdrawal from the Local Fire and Police System under § 31-302(b) of this article,
the participating governmental unit and its employees are not required to make any
further contributions to the Local Fire and Police System [for those employees who
elect to withdraw from the Local Fire and Police System].
(ii) [As of the effective date of withdrawal, the participating
governmental unit shall continue to make any contributions required under
- 1271 -
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