1816

LAWS OF MARYLAND

Ch. 290

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.]

150.

All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; or

(iii) The Expense Fund.

(2) (a) The Accumulation Fund shall be the fund in which
shall be accumulated all reserves for the payment of all
allowances and other benefits payable from contributions made by
the State, any amounts transferred thereto from the Accumulation
Fund of the retirement system, amounts transferred from the
Annuity Savings Fund, and from which shall be paid all benefits
payable under the system other than those payable from the
Annuity Savings Fund.

[(b) Each year, on account of each member, the State
shall pay into the Accumulation 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
contribution." The rates percent of these contributions shall be
fixed on the basis of the liabilities of this pension system as
shown by actuarial valuation.]

[(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, on
the basis of the accrued benefit actuarial cost method. The
ratio of the sum of the normal contribution so determined to the
total annual earnable compensation of all members shall be known
as the "normal contribution" rate.]