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Ch. 238
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2005 LAWS OF MARYLAND
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FORMER VESTED MEMBERS, OR RETIREES THAT IS EQUAL TO THE LIABILITIES AS OF
THE DATE THEIR EMPLOYER WITHDREW FROM THE LOCAL FIRE AND POLICE
SYSTEM ADJUSTED TO REFLECT:
1. ANY BENEFIT PAYMENTS ATTRIBUTABLE TO THE FORMER
VESTED MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED
MEMBERS, FORMER VESTED MEMBERS, OR RETIREES; AND
2. THE ACTUAL INVESTMENT EXPERIENCE BASED ON THE
ACTUARIAL VALUATION OF ASSETS.
(3) (I) A TRANSFER MADE UNDER PARAGRAPH (2) OF THIS
SUBSECTION SHALL BE COMPLETED ON OR BEFORE DECEMBER 31, 2005.
(II) AFTER THE TRANSFER HAS BEEN COMPLETED, THE FORMER
VESTED MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED
MEMBERS, FORMER VESTED MEMBERS, OR RETIREES SHALL BECOME FORMER
VESTED MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED
MEMBERS, FORMER VESTED MEMBERS, OR RETIREES OF THE EMPLOYEES' PENSION
SYSTEM.
(G) (1) THIS SUBSECTION APPLIES ONLY 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
PARTICIPATING IN THE LOCAL FIRE AND POLICE SYSTEM ON OR AFTER JUNE 30,
2005.
(2) IF A PARTICIPATING GOVERNMENTAL UNIT WITHDRAWS FROM THE
LOCAL FIRE AND POLICE SYSTEM ON OR AFTER JUNE 30, 2005, AS PROVIDED UNDER
§ 31-302 OF THIS ARTICLE, 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 THE
DATE THE PARTICIPATING GOVERNMENTAL UNIT ELECTS TO WITHDRAW, AS
DETERMINED BY AN ACTUARIAL VALUATION OF THESE LIABILITIES AS OF THE DATE
THE PARTICIPATING GOVERNMENTAL UNIT ELECTS TO WITHDRAW, BASED ON
ASSUMPTIONS THAT WILL BE USED IN THE ACTUARIAL VALUATION OF THE SEVERAL
SYSTEMS AS OF THE DATE THE PARTICIPATING GOVERNMENTAL UNIT ELECTS TO
WITHDRAW; AND
(II) THE ACTUARIAL VALUE OF ASSETS FOR THE FORMER VESTED
MEMBERS, RETIREES, OR SURVIVING BENEFICIARIES OF DECEASED MEMBERS,
FORMER VESTED MEMBERS, OR RETIREES THAT IS EQUAL TO THE LIABILITIES AS OF
THE DATE THE PARTICIPATING GOVERNMENTAL UNIT ELECTS TO WITHDRAW FROM
THE LOCAL FIRE AND POLICE SYSTEM ADJUSTED TO REFLECT:
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- 1274 -
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