Ch. 6

1994 LAWS OF MARYLAND

(II) AS ITS DENOMINATOR, THE AGGREGATE ANNUAL EARNABLE
COMPENSATION OF THE MEMBERS OF THE STATE SYSTEM WHO ARE EMPLOYEES OF
PARTICIPATING GOVERNMENTAL UNITS.

(3) ON THE RECOMMENDATION OF THE ACTUARY, THE BOARD OF
TRUSTEES MAY ADJUST THE NORMAL CONTRIBUTION RATES TO REFLECT:

(I)       EXPERIENCE GAINS AND LOSSES;

(II)     THE EFFECT OF CHANGES IN ACTUARIAL ASSUMPTIONS; AND

(III)    THE EFFECT OF LEGISLATION ENACTED AFTER JULY 1, 1980.

(D)     ACCRUED LIABILITY CONTRIBUTION RATES.

FOR EACH OF THE EMPLOYEES' SYSTEMS, THE ACCRUED LIABILITY
CONTRIBUTION RATE FOR THE PARTICIPATING GOVERNMENTAL UNITS SHALL BE
COMPUTED AS THE PERCENT OF THE AGGREGATE EARNABLE COMPENSATION OF
THE MEMBERS OF THAT STATE SYSTEM WHO ARE EMPLOYEES OF PARTICIPATING
GOVERNMENTAL UNITS THAT IS SUFFICIENT TO LIQUIDATE OVER 40 YEARS
BEGINNING JULY 1, 1980, THE AMOUNT, AS OF JUNE 30, 1980, BY WHICH THE TOTAL
LIABILITIES • OF THAT STATE SYSTEM ON ACCOUNT OF PARTICIPATING
GOVERNMENTAL UNITS EXCEEDED THE SUM OF:

(1)      THE ASSETS TO THE CREDIT OF THE PARTICIPATING
GOVERNMENTAL UNITS IN THE ACCUMULATION FUND AND THE ANNUITY SAVINGS
FUND OF THAT STATE SYSTEM; AND

(2)      THE PRESENT VALUE OF FUTURE NORMAL CONTRIBUTIONS,
FUTURE SPECIAL ACCRUED LIABILITY CONTRIBUTIONS, FUTURE WITHDRAWAL
LIABILITY CONTRIBUTIONS, AND FUTURE MEMBER CONTRIBUTIONS ON BEHALF OF
OR BY MEMBERS WHO ARE EMPLOYEES OF PARTICIPATING GOVERNMENTAL UNITS.

(E)      SPECIAL ACCRUED LIABILITY CONTRIBUTION.

(1)      IN THIS SUBSECTION, "SPECIAL ACCRUED LIABILITY" MEANS, AS TO
ANY PARTICIPATING GOVERNMENTAL UNIT, THE LIABILITY OF THE EMPLOYEES'
SYSTEMS ON ACCOUNT OF:

(I)       THE EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL
UNIT WHO ELECT TO BECOME MEMBERS UNDER § 23-204(B) OF THIS ARTICLE; AND

(II)     THE RETIREES OF THE PARTICIPATING GOVERNMENTAL UNIT
WHO WERE BEING PAID PENSIONS UNDER A LOCAL PENSION SYSTEM ON THE DATE
OF APPROVAL OF PARTICIPATION BY THE LEGISLATIVE BODY OF THE
PARTICIPATING GOVERNMENTAL UNIT.

(2)      EACH PARTICIPATING GOVERNMENTAL UNIT SHALL MAKE A
SPECIAL ACCRUED LIABILITY CONTRIBUTION ON ACCOUNT OF ITS PARTICIPATION
IN THE EMPLOYEES' PENSION SYSTEM.

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