HARRY HUGHES, Governor

3679

(C) FOLLOWING THE EFFECTIVE DATE OF WITHDRAWAL OF ANY
OFFICER OR EMPLOYEE OF ANY MUNICIPAL CORPORATION, SUCH MUNICIPAL
CORPORATION SHALL CONTINUE TO PAY INTO THE ACCUMULATION FUND THE
NORMAL CONTRIBUTION DUE WITH RESPECT TO EACH EMPLOYEE WHO DOES
NOT CONSENT TO SUCH WITHDRAWAL AND AN ADDITIONAL AMOUNT TO BE
KNOWN AS THE WITHDRAWAL LIABILITY CONTRIBUTION.

(1)  THIS WITHDRAWAL LIABILITY CONTRIBUTION SHALL BE
DETERMINED BY AN ACTUARIAL VALUATION OF THE WITHDRAWAL LIABILITY,
ON ACCOUNT OF THOSE EMPLOYEES OF THE MUNICIPAL CORPORATION WHO DO
NOT CONSENT TO WITHDRAWAL, THE EXISTING BENEFICIARIES (AND
DESIGNATED BENEFICIARIES OF BENEFICIARIES) OF THE EMPLOYEES'
RETIREMENT AND PENSION SYSTEMS WHO RETIRED FROM THE SERVICE OF
THE MUNICIPAL CORPORATION, AND THE EXISTING FORMER MEMBERS
ELIGIBLE FOR A VESTED RETIREMENT ALLOWANCE WHOSE SERVICE WAS
TERMINATED WHILE EMPLOYED BY THE MUNICIPAL CORPORATION, ON THE
ENTRY-AGE ACTUARIAL COST METHOD AND ANY OTHER ASSUMPTIONS ADOPTED
BY THE BOARD OF TRUSTEES.

(2)  THE ANNUAL WITHDRAWAL LIABILITY CONTRIBUTION OF
EACH SUCH 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 NOT MORE THAN 10 YEARS FROM THE
EFFECTIVE DATE OF WITHDRAWAL, THE WITHDRAWAL LIABILITY OF SUCH
MUNICIPAL CORPORATION, AS OF THE DATE OF WITHDRAWAL, THAT IS NOT
DISCHARGED BY THE VALUE, AS OF THE DATE OF WITHDRAWAL, OF FUTURE
NORMAL CONTRIBUTIONS, FUTURE MEMBER CONTRIBUTIONS AND THE
ALLOCABLE PORTION OF THE RESERVE ATTRIBUTABLE TO EMPLOYEES OF THE
MUNICIPAL CORPORATION WHO DO NOT CONSENT TO TRANSFER.

169.

THE CHIEF FISCAL OFFICER OF EACH MUNICIPAL CORPORATION THAT
APPROVES THE INCLUSION OF ITS OFFICERS AND EMPLOYEES IN THE
EMPLOYEES RETIREMENT SYSTEM AND THE PENSION SYSTEM FOR EMPLOYEES
OF THE STATE OF MARYLAND SHALL SUBMIT TO THE BOARD OF TRUSTEES
THE INFORMATION AND SHALL CAUSE TO BE PERFORMED IN RESPECT TO
EACH OF THE EMPLOYEES OF THE MUNICIPAL CORPORATION THE DUTIES
THAT WOULD BE PERFORMED IN THE STATE SERVICE BY THE HEAD OF A
DEPARTMENT OF THE STATE EMPLOYING MEMBERS OF THE SYSTEMS.

170.

EMPLOYEES OF PARTICIPATING MUNICIPAL CORPORATIONS ON BEHALF
OF WHOM CONTRIBUTIONS ARE PAID AS HEREINABOVE PROVIDED SHALL BE
ENTITLED TO ALL THE BENEFITS UNDER THE EMPLOYEES RETIREMENT
SYSTEM AND THE PENSION SYSTEM FOR EMPLOYEES OF THE STATE AS
THOUGH THEY WERE STATE EMPLOYEES.

SECTION 3. AND BE IT FURTHER ENACTED, That the Board of
Trustees for the Maryland State Retirement and Pension Systems
shall adjust the accrued liability contribution rates of each