1822

LAWS OF MARYLAND

Ch. 290

(3)  ON THE BASIS OF INTEREST AND THE MORTALITY AND SERVICE
TABLES THAT ARE ADOPTED BY THE BOARD OF TRUSTEES, IMMEDIATELY
AFTER MAKING EACH ACTUARIAL VALUATION, THE ACTUARY SHALL
DETERMINE THE NORMAL CONTRIBUTION ON ACCOUNT OF THE EMPLOYEES,
NET OF EMPLOYEE CONTRIBUTIONS, ON THE BASIS OF THE ENTRY-AGE
ACTUARIAL COST METHOD. THE RATIO OF THE SUM OF THE NORMAL
CONTRIBUTIONS SO DETERMINED TO THE AGGREGATE ANNUAL EARNABLE
COMPENSATION OF THE EMPLOYEES IS KNOWN AS THE "NORMAL
CONTRIBUTION" RATE. UPON THE RECOMMENDATION OF THE ACTUARY, THE
BOARD OF TRUSTEES MAY ADJUST THE NORMAL CONTRIBUTION RATE TO
PROVIDE FOR EXPERIENCE GAINS AND LOSSES, THE EFFECT OF CHANGES IN
ACTUARIAL ASSUMPTIONS, AND THE EFFECT OF LEGISLATION ENACTED FROM
JULY 1, 1980.

(4)  THE ACCRUED LIABILITY CONTRIBUTION SHALL BE COMPUTED,
ON THE BASIS OF THE ENTRY-AGE ACTUARIAL COST METHOD AND ANY OTHER
ASSUMPTION ASSUMPTIONS ADOPTED BY THE BOARD OF TRUSTEES, FOR THE
EMPLOYEES OF EACH PARTICIPATING MUNICIPAL CORPORATION IN THE SAME
MANNER THAT THE ACCRUED LIABILITY IS DETERMINED FOR MEMBERS OF
THE SEVERAL SYSTEMS UNDER § 162(3) OF THIS ARTICLE. THE ANNUAL
ACCRUED LIABILITY CONTRIBUTION OF THE PARTICIPATING MUNICIPAL
CORPORATIONS IS 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 THE
PARTICIPATING MUNICIPAL CORPORATIONS ON JULY 1, 1980 BASED ON
BENEFITS ACCRUED TO THAT DATE THAT ARE NOT DISCHARGED BY THE
ASSETS TO THE CREDIT OF THE PARTICIPATING MUNICIPAL CORPORATIONS
IN THE ACCUMULATION FUND AND THE ANNUITY SAVINGS FUND AND THAT
ARE NOT DISCHARGED BY THE PRESENT VALUE OF FUTURE NORMAL
CONTRIBUTIONS AND FUTURE EMPLOYEE CONTRIBUTIONS TO EACH OF THE
SEVERAL SYSTEMS. THE ACCRUED LIABILITY CONTRIBUTION FOR ANY
MUNICIPAL CORPORATION HEREAFTER PARTICIPATING SHALL BE SET ON A
BASIS TO LIQUIDATE ITS ACCRUED LIABILITY IN A PERIOD OF 40 YEARS.
A PARTICIPATING MUNICIPAL CORPORATION MAY, WITH THE CONSENT OF
THE BOARD OF TRUSTEES, LIQUIDATE ITS ACCRUED LIABILITY IN A
PERIOD SHORTER THAN 40 YEARS. THE EXPENSE OF MAKING AN INITIAL
ACTUARIAL LIABILITY VALUATION SHALL BE CHARGED TO AND PAID BY THE
PARTICIPATING MUNICIPAL CORPORATION FOR WHICH THE VALUATION IS
REQUIRED.

Article 88B - State Police

56.

All of the assets of the retirement system shall be
credited, according to the purpose for which they are held, among
three funds, namely, the Annuity Savings Fund, the Accumulation
Fund, and 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, amounts transferred from the Annuity Savings Fund,    and