PARRIS N. GLENDENING, Governor

Ch. 661

(2) THE PRESENT VALUE OF FUTURE NORMAL CONTRIBUTIONS,
FUTURE SPECIAL ACCRUED LIABILITY CONTRIBUTIONS, FUTURE WITHDRAWAL
LIABILITY CONTRIBUTIONS, AND FUTURE MEMBER CONTRIBUTIONS ON BEHALF OF
OR BY MEMBERS WHO ARE EMPLOYEES OF PARTICIPATING GOVERNMENTAL UNITS.

(D)    ON THE RECOMMENDATION OF THE ACTUARY, THE BOARD OF TRUSTEES
SHALL ADJUST:

(1)     THE AMOUNT DETERMINED UNDER SUBSECTION (C)(1) OF THIS
SECTION TO ACCOUNT FOR:

(I) THE SUM OF THE OUTSTANDING BALANCE OF THE SURPLUS
ALLOCATED TO EACH PARTICIPATING GOVERNMENTAL UNIT UNDER § 21-305.4(B)
OF THIS SUBTITLE AS OF THE VALUATION DATE; AND

(H.) THE SUM OF THE OUTSTANDING BALANCE OF THE DEFICIT
ALLOCATED TO EACH PARTICIPATING GOVERNMENTAL UNIT UNDER § 21-305.4(C)
OF THIS SUBTITLE AS OF THE VALUATION DATE; AND

(2)     THE AMOUNT DETERMINED UNDER SUBSECTION (C)(2) OF THIS
SECTION TO ACCOUNT FOR THE PRESENT VALUE OF FUTURE CONTRIBUTIONS FOR
MEMBERS OF THE EMPLOYEES' RETIREMENT SYSTEM REQUIRED UNDER §
21-305(B)(2)(III) OF THIS SUBTITLE.

(E)     ON THE RECOMMENDATION OF THE ACTUARY, THE BOARD OF TRUSTEES
MAY ADJUST THE ACCRUED LIABILITY 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.

21-305.3.

(A) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANINGS
INDICATED.

(2)     "EMPLOYEES' SYSTEMS" MEANS THE EMPLOYEES' PENSION SYSTEM
AND THE EMPLOYEES' RETIREMENT SYSTEM

(3)     "SPECIAL ACCRUED LIABILITY* MEANS, AS TO ANY PARTICIPATING
GOVERNMENTAL UNIT, THE LIABILITY OF THE EMPLOYEES' SYSTEMS ON ACCOUNT
OF:

(I)      THE EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL
UNIT WHO ELECT TO BECOME MEMBERS UNDER § 23-204(B) OF THIS ARTICLE; AND

(II)     THE RETIREES OF THE PARTICIPATING GOVERNMENTAL UNIT
WHO WERE BEING PAID PENSIONS UNDER A LOCAL PENSION SYSTEM ON THE DATE
OF APPROVAL OF PARTICIPATION BY THE LEGISLATIVE BODY OF THE
PARTICIPATING GOVERNMENTAL UNIT.

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