1818

LAWS OF MARYLAND

Ch. 290

[(i)] (F) The board of trustees may in its discretion
for purposes of actuarial valuation adopt a generally accepted
method for determining the value of the assets held by the
retirement system, provided that for general ledger accounting
and financial reporting the board of trustees will use generally
accepted accounting principles.

[(j)] (G) Whenever an audit of the records of a
school system, public library, or educational institution reveals
that the system, library, or institution owes money to the
accumulation fund of the Teachers' Pension System, any
delinquent payment may be collected by the Division of Social
Security in the manner set forth in § 39(e)(2) of this article
for recovery of delinquent social security payments.

LOCAL PAYMENT OF PENSION COSTS

157.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE
MEANINGS INDICATED.

(2) "LOCAL SHARE OF RETIREMENT COSTS" MEANS FOR A
FISCAL YEAR THE DIFFERENCE BETWEEN TOTAL RETIREMENT COSTS AND THE
STATE SHARE OF RETIREMENT COSTS.

(3) "PAYROLL BASE" MEANS THE PAYROLL BASE FOR A
FISCAL YEAR THAT IS CERTIFIED ON JUNE 30 OF THE FISCAL YEAR BY
THE MARYLAND STATE RETIREMENT AGENCY.

(4) "PUPIL PAYROLL BASE" MEANS THE PAYROLL BASE FOR A
FISCAL YEAR DIVIDED BY THE FULL-TIME EQUIVALENT ENROLLMENT, AS
DEFINED UNDER THE EDUCATION ARTICLE, § 5-202(A)(7), EXCLUDING THE
ENROLLMENT AT THE LIDA LEE TALL CENTER, ON SEPTEMBER 30 OF THE
FISCAL YEAR.

(5) "STATE SHARE OF RETIREMENT COSTS" MEANS FOR A
FISCAL YEAR THE LESSER OF:

(I) TOTAL RETIREMENT COSTS; OR

(II) THE STATE SUPPORTED PAYROLL FOR THE PRIOR
FISCAL YEAR MULTIPLIED BY THE TOTAL OF THE NORMAL CONTRIBUTION
RATE AND THE ACCRUED LIABILITY CONTRIBUTION RATE THAT ARE
DETERMINED UNDER § 162 OF THIS ARTICLE FOR THE FISCAL YEAR.

(6) "STATE SUPPORTED PAYROLL" MEANS FOR A FISCAL YEAR
THE STATE SUPPORTED PUPIL PAYROLL BASE MULTIPLIED BY THE FULL
TIME EQUIVALENT ENROLLMENT, AS DEFINED UNDER THE EDUCATION
ARTICLE, § 5-202(A)(7), EXCLUDING THE ENROLLMENT AT THE LIDA LEE
TALL CENTER, ON SEPTEMBER 30 OF THE FISCAL YEAR.

(7) "STATE SUPPORTED PUPIL PAYROLL BASE" MEANS THE
PUPIL PAYROLL BASE ADJUSTED AS FOLLOWS: