1810

LAWS OF MARYLAND

Ch. 290

contribution." The rates percent of these contributions shall be
fixed on the basis of the liabilities of the contributory plan
for judges as shown by actuarial valuation.]

[(4) On the basis of interest and 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.]

[(5) 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
contributory plan for judges as of June 30, 1980 based on
benefits accrued to said date that is not dischargeable by the
assets to the credit of the 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.]

[(6)] (3) The total amount payable to the 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 fund, to provide the allowances and other benefits
payable out of the fund during the year then current.

[(7)] (4) All interest and dividends earned on the
funds of the contributory plan for judges shall be credited to
the fund. Each year, the board of trustees shall allow regular
interest on the individual accounts of members in the fund.

[(8)] (5) All retirement allowances shall be paid
from the fund.

[(9)] (6) The accumulated contributions of a member
that are withdrawn by him or paid to his personal representative
on the member's death, shall be paid from the fund.