HARRY HUGHES, Governor

1809

(3) Each participating municipal corporation shall
make a special accrued liability contribution on account of its
approval of the participation of its officers and employees in
the Employees' Retirement System of the State. This contribution
shall be determined by an actuarial valuation of the accrued
liability, on account of the officers and employees of such
participating municipal corporation who elect to become members,
in the same manner as the accrued liability is determined for
State employees. This special accrued liability contribution
shall be computed on the basis of the accrued benefit actuarial
cost method and any other assumptions adopted by the board. This
special accrued liability contribution shall be payable in lieu
of the accrued liability contribution payable on account of other
employees in the system. On the basis of the actuarial
valuation as of June 30, 1980 the unfunded accrued liability of
each participating municipal corporation outstanding as of that
date shall be determined. The annual accrued liability
contribution of each participating municipal corporation shall
be the flat annual payment, or other annual payment that the
board of trustees with the concurrence of the actuary may
approve, that is sufficient to liquidate over a period of 40
years from July 1, 1980 the total liabilities of each
participating municipal corporation as of June 30, 1980 based on
benefits accrued to said date that are not dischargeable by the
assets . to the credit of each particular municipal corporation in
the Accumulation Fund and the Annuity Savings Fund. The accrued
liability contribution for any municipal corporation hereafter
participating shall be set on a basis to liquidate its unfunded
accrued liability in a period of 40 years. Any participating
municipal corporation may, with the consent of the board of
trustees, liquidate its unfunded accrued liability in a period
shorter than 40 years. The expense of making such initial
accrued liability actuarial valuations shall be assessed against
and paid by the municipal corporation on whose account it is
necessary.]

57.

(b) (1) Each judge covered by the plan shall contribute to
the fund an amount equal to six percent of his compensation, to
be deducted from his compensation each pay period until he has
served as a judge for 16 years. He shall make no contribution
thereafter.

(2) The fund shall be the fund in which all reserves
for the payment of all allowances and other benefits shall be
accumulated and from which shall be paid all benefits payable
under the contributory plan for judges.

[(3) Each year, on account of each member, the State
shall pay into the fund an amount at least equal to a certain'
percentage of the annual earnable compensation of the member, to
be known as the "normal contribution," and an additional amount
equal to a certain percentage of his annual earnable
compensation, to be known as the "accrued liability