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ROBERT L. EHRLICH, JR., Governor Ch. 238
(iii) The actuary shall reduce the amount determined under
subparagraph (ii) of this paragraph by the outstanding balance of the special accrued
liability contribution attributable to the participating governmental unit as of the
effective date of withdrawal.
[(5) (i) The withdrawal liability contribution of a participating
governmental unit shall be computed by the actuary as provided in this paragraph.
(ii) The actuary shall multiply the complement of 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 remain members of the
Local Fire and Police System.
(iii) The amount determined under subparagraph (ii) of this
paragraph may not be less than zero.
(iv) Except as provided in subparagraph (v) of this paragraph, the
annual withdrawal liability contribution of a participating governmental unit shall be
the annual payment that is sufficient to liquidate, over not more than 25 years, the
withdrawal liability contribution by means of annual payments that increase each
year based on the actuarial assumptions adopted by the Board of Trustees on the
recommendation of the actuary.
(v) Subject to the approval of the Board of Trustees and the
actuary's concurrence, a participating governmental unit:
1. may liquidate the withdrawal liability contribution by
means of level annual payments or over a term of less than 25 years; or
2. prepay all or a portion of the withdrawal liability
contribution.]
(F) (1) THIS SUBSECTION ONLY APPLIES TO A FORMER VESTED MEMBER,
RETIREE, OR SURVIVING BENEFICIARY OF A DECEASED MEMBER, FORMER VESTED
MEMBER, OR RETIREE, WHO WHILE A MEMBER OF THE LOCAL FIRE AND POLICE
SYSTEM WAS EMPLOYED BY A PARTICIPATING GOVERNMENTAL UNIT THAT
WITHDREW FROM THE LOCAL FIRE AND POLICE SYSTEM ON OR BEFORE DECEMBER
31, 2004.
(2) THE BOARD OF TRUSTEES SHALL TRANSFER TO THE EMPLOYEES'
PENSION SYSTEM:
(I) THE LIABILITIES ALLOCABLE TO THE FORMER VESTED
MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED MEMBERS,
FORMER VESTED MEMBERS, OR RETIREES THAT ARE ACCRUED ON OR BEFORE JUNE
30, 2005, AS DETERMINED BY AN ACTUARIAL VALUATION OF THESE LIABILITIES AS
OF JUNE 30, 2005, BASED ON ASSUMPTIONS THAT WILL BE USED IN THE ACTUARIAL
VALUATION OF THE SEVERAL SYSTEMS AS OF JUNE 30, 2005; AND
(II) THE ACTUARIAL VALUE OF ASSETS FOR THE FORMER VESTED
MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED MEMBERS,
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