Ch. 6                                            1994 LAWS OF MARYLAND

(2)      ON AND AFTER THE DATE OF A PARTICIPATING GOVERNMENTAL
UNIT'S WITHDRAWAL FROM THE EMPLOYEES' SYSTEMS UNDER § 31-302(A) OF THIS
ARTICLE:

(I)       THE PARTICIPATING GOVERNMENTAL UNIT AND ITS
EMPLOYEES ARE NOT REQUIRED TO MAKE ANY FURTHER CONTRIBUTIONS TO THE
EMPLOYEES' SYSTEMS FOR THOSE EMPLOYEES WHO ELECT TO WITHDRAW FROM
THE EMPLOYEES' SYSTEMS;

(II)     THE PARTICIPATING GOVERNMENTAL UNIT SHALL CONTINUE
TO MAKE THE NORMAL CONTRIBUTION ON BEHALF OF EACH EMPLOYEE WHO DOES
NOT ELECT TO WITHDRAW FROM THE EMPLOYEES' SYSTEMS; AND

(III)    THE PARTICIPATING GOVERNMENTAL UNIT SHALL MAKE A
WITHDRAWAL LIABILITY CONTRIBUTION AS DETERMINED UNDER THIS
SUBSECTION.

(3)      THE WITHDRAWAL LIABILITY CONTRIBUTION SHALL BE
DETERMINED BY AN ACTUARIAL VALUATION OF THE WITHDRAWAL LIABILITY AS
OF THE DATE OF WITHDRAWAL.

(4)      EXCEPT AS PROVIDED IN PARAGRAPH (5) OF THIS SUBSECTION, THE
ANNUAL WITHDRAWAL LIABILITY CONTRIBUTION OF EACH PARTICIPATING
GOVERNMENTAL UNIT SHALL BE THE LEVEL ANNUAL PAYMENT THAT IS
SUFFICIENT TO LIQUIDATE, OVER NOT MORE THAN 10 YEARS BEGINNING ON THE
DATE OF WITHDRAWAL, THE AMOUNT BY WHICH THE WITHDRAWAL LIABILITY OF
THE PARTICIPATING GOVERNMENTAL UNIT EXCEEDS THE SUM OF:

(I)       THE PRESENT VALUE, AS OF THE DATE OF WITHDRAWAL, OF
FUTURE NORMAL CONTRIBUTIONS AND FUTURE MEMBER CONTRIBUTIONS ON
BEHALF OF OR BY THOSE EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL
UNIT WHO DO NOT ELECT TO WITHDRAW; AND

(II)     THE ALLOCABLE PORTION OF THE RESERVE AS OF THE DATE
OF WITHDRAWAL ATTRIBUTABLE TO THOSE EMPLOYEES OF THE PARTICIPATING
GOVERNMENTAL UNIT WHO DO NOT ELECT TO WITHDRAW.

(5)      SUBJECT TO THE APPROVAL OF THE BOARD OF TRUSTEES AND THE
ACTUARY'S CONCURRENCE, A PARTICIPATING GOVERNMENTAL UNIT MAY
LIQUIDATE ITS UNFUNDED WITHDRAWAL LIABILITY BY MEANS OF ANNUAL
PAYMENTS OTHER THAN LEVEL ANNUAL PAYMENTS.

REVISOR'S NOTE: Subsection (a) of this section is new language added to avoid
repetition of the phrase "Employees' Retirement System and Employees'
Pension System".

Subsections (b) through (f) of this section are new language derived without
substantive change from former Art. 73B, §§ 10-104(d), 10-105(a) through
(d), 10-106(c), the second clause of 10-104(b), and the fifth sentence of
10-106(b).

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