Ch. 580                                       LAWS OF MARYLAND

PROPORTION, IF ANY, OF THE FUNDS OF THE LOCAL SYSTEM THAT
REPRESENTS THE ACCUMULATED CONTRIBUTIONS OF THE MEMBERS, AND THE
RELATIVE SHARES OF THE MEMBERS AS OF THAT DATE. THESE SHARES
SHALL BE CREDITED TO THE RESPECTIVE ANNUITY SAVINGS ACCOUNTS OF
THE MEMBERS IN THIS PENSION SYSTEM. THE BALANCE OF FUNDS
TRANSFERRED TO THIS PENSION SYSTEM SHALL BE OFFSET AGAINST THE
SPECIAL ACCRUED LIABILITY TO BE FUNDED BY THE MUNICIPAL
CORPORATION AS PROVIDED BY THIS SECTION. THE OPERATION OF THE
LOCAL PENSION SYSTEM WITH RESPECT TO THE LAW ENFORCEMENT OFFICERS
SHALL BE DISCONTINUED AS OF THE DATE OF APPROVAL.

(3)  (I) EACH PARTICIPATING MUNICIPAL CORPORATION
SHALL MAKE A SPECIAL ACCRUED LIABILITY CONTRIBUTION ON ACCOUNT OF
ITS APPROVAL OF THE PARTICIPATION OF ITS OFFICERS AND EMPLOYEES
IN THIS PENSION SYSTEM.

(II)  THIS SPECIAL ACCRUED LIABILITY
CONTRIBUTION SHALL BE DETERMINED BY AN ACTUARIAL VALUATION OF THE
SPECIAL ACCRUED LIABILITY, ON ACCOUNT OF THE EMPLOYEES OF THE
PARTICIPATING CORPORATION WHO ELECT TO BECOME MEMBERS, ON THE
BASIS OF THE ENTRY-AGE ACTUARIAL COST METHOD AND ANY OTHER
ASSUMPTIONS ADOPTED BY THE BOARD OF TRUSTEES OF THE MARYLAND
STATE RETIREMENT AND PENSION SYSTEMS. THIS SPECIAL ACCRUED
LIABILITY CONTRIBUTION SHALL BE PAYABLE IN ADDITION TO THE
ACCRUED LIABILITY CONTRIBUTION PAYABLE AS DETERMINED IN § 157D OF
THIS SUBTITLE.

(III)  THE ANNUAL SPECIAL ACCRUED LIABILITY
CONTRIBUTION OF EACH PARTICIPATING 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
30 YEARS FROM THE DATE OF APPROVAL BY THE LEGISLATIVE BODY OF THE
MUNICIPAL CORPORATION, THE SPECIAL ACCRUED LIABILITY OF THE
PARTICIPATING MUNICIPAL CORPORATION, AS OF THE DATE OF APPROVAL,
THAT IS NOT DISCHARGED BY THE VALUE, AS OF THE DATE OF APPROVAL,
OF FUTURE NORMAL CONTRIBUTIONS, FUTURE MEMBER CONTRIBUTIONS,
FUTURE ACCRUED LIABILITY CONTRIBUTIONS AND ANY CASH AND
SECURITIES TRANSFERRED TO THE PENSION SYSTEM IN ACCORDANCE WITH
THIS SECTION.

(IV)  ANY PARTICIPATING MUNICIPAL CORPORATION
MAY, WITH THE CONSENT OF THE BOARD OF TRUSTEES, LIQUIDATE ITS
UNFUNDED SPECIAL ACCRUED LIABILITY IN A PERIOD SHORTER THAN 30
YEARS. THE EXPENSE OF MAKING THE INITIAL SPECIAL ACCRUED
LIABILITY ACTUARIAL VALUATION SHALL BE ASSESSED AGAINST AND PAID
BY THE MUNICIPAL CORPORATION ON WHOSE ACCOUNT IT IS NECESSARY.

(4)  ANY LAW ENFORCEMENT OFFICER WHO ELECTS TO JOIN
THIS PENSION SYSTEM WITHIN 1 CALENDAR YEAR, SHALL BE ENTITLED TO
CREDIT FOR SERVICE RENDERED BEFORE THE DATE OF APPROVAL.

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