HARRY HUGHES, Governor

1807

[(c) On the basis of interest and the mortality
and service tables adopted by the board of trustees, immediately
after making each actuarial valuation, the actuary shall
determine the "normal contribution" on account of each member,
net of employee contributions, on the basis of the accrued
benefit actuarial cost method. The ratio of the sum of the
normal contributions so determined to the total annual earnable
compensation of all members shall be known as the "normal
contribution" rate.]

[(d) The accrued liability contribution rate
shall be computed, on the basis of the accrued benefit actuarial
cost method and any other assumption adopted by the board, as the
rate percent of the total annual earnable compensation of all
members that is sufficient to liquidate over a period of 40 years
from July 1, 1980 the amount of the total liabilities of the
system as of June 30, 1980 based on benefits accrued to said date
that is not dischargeable by the assets to the credit of the
Accumulation Fund and Annuity Savings Fund. Upon the
recommendation of the actuary, the board shall adjust the accrued
liability rate to reflect experience gains and losses or the
effect of changes in actuarial assumptions within the period
remaining to amortize the accrued liability but not less than 15
years. If the accrued liability is increased by legislation
enacted subsequent to July 1, 1980, the additional liability
shall be funded over a period of 30 years from the first day of
July, coincident with or next following the effective date of the
increase. The rate percent so determined shall be known as the
"accrued liability contribution" rate.]

[(e)] (B) The total amount payable to the
Accumulation Fund in each year after the first year following the
date of establishment may not be less than the sum of the rates
percent known as the normal contribution rate and the accrued
liability contribution rate, of the total compensation earnable
by all members during the preceding fiscal year, but the
aggregate payment by the State must be sufficient, when combined
with the amount in the Accumulation Fund, to provide the
allowances and other benefits payable out of the fund during the
year then current.

[(f)] (C) All interest and dividends earned on
the funds of the retirement system shall be credited to the
Accumulation Fund. Each year, the board of trustees shall allow
regular interest on the individual accounts of members in the
Annuity Savings Fund and transfer these amounts from the
Accumulation Fund.

[(g) As of July 1, 1980, and each July 1 after,
the actuary shall determine the proportionate share of the
Accumulation Fund as of said date allocable to those members of
the retirement system who filed with the board of trustees an
executed waiver of all benefits under this retirement system and
elected to transfer to the Pension System for Employees of the