Ch. 6

1994 LAWS OF MARYLAND

(2) THE PRESENT VALUE OF FUTURE NORMAL CONTRIBUTIONS,
FUTURE SPECIAL ACCRUED LIABILITY CONTRIBUTIONS, FUTURE WITHDRAWAL
LIABILITY CONTRIBUTIONS, AND FUTURE MEMBER CONTRIBUTIONS.

(D)     SPECIAL ACCRUED LIABILITY CONTRIBUTION.

(1)      IN THIS SUBSECTION, "SPECIAL ACCRUED LIABILITY" MEANS, AS TO
ANY PARTICIPATING GOVERNMENTAL UNIT, THE LIABILITY OF THE LOCAL FIRE
AND POLICE SYSTEM ON ACCOUNT OF THE EMPLOYEES OF THE PARTICIPATING
GOVERNMENTAL UNIT WHO ELECT TO BECOME MEMBERS UNDER § 28-202(B) OF
THIS ARTICLE.

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

(3)      THE SPECIAL ACCRUED LIABILITY CONTRIBUTION SHALL BE
DETERMINED BY AN ACTUARIAL VALUATION OF THE SPECIAL ACCRUED LIABILITY
AS OF THE DATE OF APPROVAL OF PARTICIPATION BY THE LEGISLATIVE BODY OF
THE PARTICIPATING GOVERNMENTAL UNIT.

(4)      EXCEPT AS PROVIDED IN PARAGRAPH (5) OF THIS SUBSECTION, THE
ANNUAL SPECIAL ACCRUED LIABILITY CONTRIBUTION OF EACH PARTICIPATING
GOVERNMENTAL UNIT SHALL BE THE LEVEL ANNUAL PAYMENT THAT IS
SUFFICIENT TO LIQUIDATE, OVER 30 YEARS BEGINNING ON THE DATE OF
APPROVAL BY THE LEGISLATIVE BODY OF THE PARTICIPATING GOVERNMENTAL
UNIT, THE AMOUNT BY WHICH THE SPECIAL ACCRUED LIABILITY OF THE
PARTICIPATING GOVERNMENTAL UNIT EXCEEDS THE SUM OF:

(I)       THE PRESENT VALUE, AS OF THE DATE OF APPROVAL, OF
FUTURE NORMAL CONTRIBUTIONS, FUTURE ACCRUED LIABILITY CONTRIBUTIONS,
AND FUTURE MEMBER CONTRIBUTIONS ON BEHALF OF OR BY MEMBERS WHO ARE
EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL UNIT; AND

(II)     ANY CASH AND SECURITIES TRANSFERRED TO THE LOCAL
FIRE AND POLICE SYSTEM IN ACCORDANCE WITH § 31-205(B) OF THIS ARTICLE.

(5)      SUBJECT TO THE APPROVAL OF THE BOARD OF TRUSTEES, A
PARTICIPATING GOVERNMENTAL UNIT MAY LIQUIDATE ITS UNFUNDED SPECIAL
ACCRUED LIABILITY:

(I)       OVER LESS THAN 30 YEARS; OR

(II)     SUBJECT TO THE ACTUARY'S CONCURRENCE, BY MEANS OF
ANNUAL PAYMENTS OTHER THAN LEVEL ANNUAL PAYMENTS.

(6)      THE EXPENSE OF MAKING THE INITIAL SPECIAL ACCRUED
LIABILITY ACTUARIAL VALUATION SHALL BE ASSESSED AGAINST AND PAID BY THE
PARTICIPATING GOVERNMENTAL UNIT ON WHOSE ACCOUNT IT IS NECESSARY.

(E)     WITHDRAWAL LIABILITY CONTRIBUTION.

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