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Ch. 238 2005 LAWS OF MARYLAND
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subsection (a) of this section on behalf of those employees who do not elect to
withdraw from the Local Fire and Police System.
(iii)] As of the effective date of withdrawal of a participating
governmental unit from the Local Fire and Police System, the Board of Trustees shall
transfer to the administrative board of the local pension system the assets that are
allocable to the employees of the participating governmental unit [who elect to
withdraw from the Local Fire and Police System] as determined under paragraph (4)
of this subsection.
(3) (i) As of June 30 of each fiscal year, the actuary shall determine
the active participant funding ratio for the participating governmental units as
provided in this section.
(ii) The active participant funding ratio shall be a fraction, not to
exceed 1, that has:
1. as its numerator, the assets to the credit of the
participating governmental units in the accumulation fund and the annuity savings
fund of the Local Fire and Police System as adjusted under subparagraph (iii) of this
paragraph, decreased by the sum of the actuarial liabilities allocable to retirees of the
Local Fire and Police System who retired from the service of the participating
governmental unit and the designated beneficiaries of those retirees, former members
of the Local Fire and Police System who are eligible for a vested allowance who
separated from employment with the participating governmental unit, and members
of the Local Fire and Police System who separated from employment with the
participating governmental unit but who may become eligible to receive prior
eligibility service credit under § 28-303 of this article; and
2. as its denominator, the actuarial liabilities that are
allocable to the employees of the participating governmental units who are members
of the Local Fire and Police System.
(iii) The assets to the credit of the participating governmental units
as of the valuation date shall be increased by the sum of the outstanding balances of:
1. the special accrued liability attributable to the
participating governmental units under subsection (d) of this section; and
2. the withdrawal liability attributable to the participating
governmental units under paragraph (5) of this subsection.
(4) (i) The assets that are allocable to the employees of a participating
governmental unit who [elect to] withdraw from the Local Fire and Police System
shall be computed by the actuary as provided in this paragraph.
(ii) The actuary shall first multiply the active participant funding
ratio for the fiscal year preceding the effective date of withdrawal of the participating
governmental unit by the actuarial liability allocable to the employees of the
participating governmental unit who [elect to] withdraw.
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