PARRIS N. GLENDENING, Governor

Ch. 616

(3) THE BENEFITS UNDER THE SYSTEM MAY NOT BE AMENDED EXCEPT
BY AN ORDINANCE ENACTED BY THE GOVERNING BODY OF THE COUNTY.

(D)     (1) A COUNTY THAT CREATES A SPECIAL RETIREMENT OR PENSION
SYSTEM SHALL:

(I)       OPERATE THE SYSTEM ON AN ACTUARIAL BASIS;

(II)     MAKE EMPLOYER CONTRIBUTIONS AND COLLECT EMPLOYEE
CONTRIBUTIONS DURING THE EMPLOYMENT OF THE MEMBERS THAT ARE
COMPUTED BY THE SYSTEM'S ACTUARY TO BE SUFFICIENT TO PROVIDE THE
RESERVES NEEDED TO COVER THE BENEFITS PAYABLE ON ACCOUNT OF THE
SYSTEM'S MEMBERS, FORMER MEMBERS, RETIREES, AND BENEFICIARIES; AND

(III)    DEMONSTRATE A PRESENT CAPACITY TO FUND THE SYSTEM
ACCORDING TO THE FUNDING METHOD PROVIDED BY ORDINANCE FOR THE
SYSTEM.

(2)      THE CONTRIBUTIONS MADE UNDER PARAGRAPH (1) OF THIS
SUBSECTION SHALL:

(I)       BE BASED ON AN ACTUARIAL DETERMINATION OF THE
AMOUNTS THAT ARE REQUIRED TO PRESERVE THE INTEGRITY OF THE FUNDS OF
THE SYSTEM; AND

(II)     INCLUDE A CONTRIBUTION COMPUTED TO AMORTIZE ANY
UNFUNDED LIABILITY OVER A PERIOD OF NOT MORE THAN 30 YEARS.

(3)      ON OR BEFORE DECEMBER 1 OF EACH YEAR, THE TRUSTEES OF A
SPECIAL RETIREMENT OR PENSION SYSTEM SHALL CERTIFY TO THE GOVERNING
BODY OF THE COUNTY THE RATES TO BE USED TO DETERMINE THE AMOUNTS TO
BE PAID INTO THE FUNDS OF THE SYSTEM DURING THE NEXT FISCAL YEAR.

(4)      THE GOVERNING BODY OF THE COUNTY SHALL INCLUDE IN ITS
BUDGET FOR THE NEXT FISCAL YEAR THE TOTAL AMOUNT OF THE CONTRIBUTION
NECESSARY BASED ON THE RATES CERTIFIED BY THE TRUSTEES UNDER
PARAGRAPH (3) OF THIS SUBSECTION.

(5)      THE CONTRIBUTIONS REQUIRED UNDER THIS SUBSECTION SHALL
BE PAID BY THE COUNTY AND THE EMPLOYEES PARTICIPATING IN THE SYSTEM AS
PAYROLLS ARE PAID AT LEAST ONCE PER CALENDAR QUARTER.

(E)     (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS SUBSECTION, A
SPECIAL RETIREMENT OR PENSION SYSTEM MAY PROVIDE BENEFITS TO BE PAID
IMMEDIATELY AFTER SEPARATION FROM SERVICE FOR MEMBERS WHO ARE
INVOLUNTARILY SEPARATED AFTER A SPECIFIED PERIOD OF SERVICE AND WHO
WOULD NOT OTHERWISE BE ELIGIBLE TO RECEIVE THE BENEFITS AT THAT TIME.

(2) A SPECIAL RETIREMENT OR PENSION SYSTEM MAY NOT PROVIDE
FOR BENEFITS TO BE PAID IMMEDIATELY AFTER A SEPARATION FROM SERVICE IF
THE MEMBER WOULD NOT OTHERWISE BE ELIGIBLE TO RECEIVE BENEFITS AT

- 3511 -