Ch. 6

1994 LAWS OF MARYLAND

(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: This section is new language derived without substantive
change from former Art. 73B, § 10-229(a)(3), (b) through (e), and (j).

Subsection (a)(1) of this section is revised to state expressly the minimum
funding requirement that only was implied under former law. .

The requirements of former Art. 73B, §§ 10-229(a)(3)(ii), (d), and (e) and
10-106(c)(2) that the determinations thereunder be made on the basis of the
entry-age actuarial cost method and assumptions adopted by the Board of
Trustees are standardized and . consolidated in subsection (a)(3) of this
section. The requirement in subsection (a)(3) of this section that the amounts
be based on "an actuarial determination of the amounts that are required to
preserve the integrity of the accumulation fund of the Local Fire and Police
System" is added for consistency with other provisions of this Division II,
reflecting current practice.

Subsection (e) of this section is revised to clarify the applicability of the
withdrawal provisions of former Art. 73B, § 10-106, which only was referred to
by cross-reference in former Art. 73B, § 10-229(j), to withdrawal from the
Local Fire and Police System.

In subsection (a)(1) and (2) of this section, the word "fiscal" is added to
modify "year" for clarity.

In subsection (a)(3)(ii) of this section, the term "actuarial assumptions" is
substituted for the former references to "interest and the mortality and service
tables" and "any other assumptions" for consistency with other provisions of
this Division II, reflecting current practice.

In subsection (a)(4) of this section, the former reference to the actuary
computing contributions payable "on behalf of members who are law
enforcement officers or fire fighters of a participating municipal corporation"
is deleted as implicit.

In subsection (b)(1) of this section, the words "as part of" are substituted for
the former words "immediately after making" for accuracy to reflect current
administrative practice.

In subsections (b)(1) and (2)(ii), (c), and (d)(4)(i) of this section, the
references to "members" are substituted for the former references to "law
enforcement officers or fire fighters" and "employees" for brevity.

In the introductory language of subsection (c) of this section, the phrase
"liabilities of the Local Fire and Police System" is substituted for the former
phrase "liabilities of the participating municipal corporations" for clarity and
accuracy.                                                                                                 

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