Ch. 661

1996 LAWS OF MARYLAND

21-305.1.

(A)    IN THIS SECTION, "EMPLOYEES' SYSTEMS" MEANS THE EMPLOYEES'
PENSION SYSTEM AND THE EMPLOYEES' RETIREMENT SYSTEM.

(B)     AS PART OF EACH ACTUARIAL VALUATION, THE ACTUARY SHALL
DETERMINE THE NORMAL CONTRIBUTIONS, NET OF MEMBER CONTRIBUTIONS, ON
ACCOUNT OF MEMBERS OF THE EMPLOYEES' SYSTEMS WHO ARE EMPLOYEES OF
PARTICIPATING GOVERNMENTAL UNITS.

(C)     EXCEPT AS PROVIDED IN SUBSECTION (D) OF THIS SECTION, THE NORMAL
CONTRIBUTION RATE FOR PARTICIPATING GOVERNMENTAL UNITS EQUALS THE
FRACTION THAT HAS:

(1)     AS ITS NUMERATOR, THE SUM OF THE NORMAL CONTRIBUTIONS
DETERMINED UNDER THIS SECTION; AND

(2)     AS ITS DENOMINATOR, THE AGGREGATE ANNUAL EARNABLE
COMPENSATION OF THE MEMBERS OF THE EMPLOYEES' SYSTEMS WHO ARE
EMPLOYEES OF PARTICIPATING GOVERNMENTAL UNITS.

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

(1)     EXPERIENCE GAINS AND LOSSES;

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

(3)     THE EFFECT OF LEGISLATION ENACTED AFTER JULY 1, 1980.
21-305.2.

(A)    IN THIS SECTION, "EMPLOYEES' SYSTEMS" MEANS THE EMPLOYEES'
PENSION SYSTEM AND THE EMPLOYEES' RETIREMENT SYSTEM

(B)     AS PART OF EACH ACTUARIAL VALUATION, THE ACTUARY SHALL
DETERMINE THE ACCRUED LIABILITY CONTRIBUTIONS ON ACCOUNT OF MEMBERS
OF THE EMPLOYEES' SYSTEMS WHO ARE EMPLOYEES OF PARTICIPATING
GOVERNMENTAL UNITS.

(C)     EXCEPT AS PROVIDED IN SUBSECTIONS (D) AND (E) OF THIS SECTION, 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 THE EMPLOYEES'
SYSTEMS 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 LIABILITY OF THE EMPLOYEES' SYSTEMS
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 THE EMPLOYEES' SYSTEMS; AND

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