PARRIS N. GLENDENING, Governor

Ch. 661

(II) REDUCE THE AMOUNT DETERMINED UNDER SUBPARAGRAPH
(I) OF THIS PARAGRAPH BY THE OUTSTANDING BALANCE OF THE SURPLUS
ALLOCABLE TO THE PARTICIPATING GOVERNMENTAL UNIT AS OF THE EFFECTIVE
DATE OF WITHDRAWAL

(3)     THE AMOUNT DETERMINED UNDER PARAGRAPH (2) MAY NOT BE
LESS THAN ZERO.

(4)      (I) EXCEPT AS PROVIDED IN SUBPARAGRAPH (II) OF THIS
PARAGRAPH, THE ANNUAL WITHDRAWAL LIABILITY CONTRIBUTION OF A
PARTICIPATING GOVERNMENTAL UNIT SHALL BE THE ANNUAL PAYMENT THAT IS
SUFFICIENT TO LIQUIDATE, OVER NOT MORE THAN 25 YEARS, THE WITHDRAWAL
LIABILITY CONTRIBUTION BY MEANS OF ANNUAL PAYMENTS THAT INCREASE EACH
YEAR BASED ON THE ACTUARIAL ASSUMPTIONS ADOPTED BY THE BOARD OF
TRUSTEES ON THE RECOMMENDATION OF THE ACTUARY.

(II) SUBJECT TO THE APPROVAL OF THE BOARD OF TRUSTEES AND
THE ACTUARY'S CONCURRENCE, A PARTICIPATING GOVERNMENTAL UNIT:

1.       MAY LIQUIDATE THE WITHDRAWAL LIABILITY
CONTRIBUTION BY MEANS OF LEVEL ANNUAL PAYMENTS OR OVER A TERM OF LESS
THAN 25 YEARS; OR

2.       PREPAY ALL OR A PORTION OF THE WITHDRAWAL
LIABILITY CONTRIBUTION.

(G) (1) THIS SECTION APPLIES ONLY TO A PARTICIPATING GOVERNMENTAL
UNIT WITH A DEFICIT AS DETERMINED UNDER § 21-305.4(C) OF THIS SUBTITLE.

(2)     THE TRANSITION AMOUNT OF A PARTICIPATING GOVERNMENTAL
UNIT SHALL BE COMPUTED BY THE ACTUARY AS PROVIDED IN THIS SUBSECTION.

(3)     THE ACTUARY SHALL DETERMINE THE PRE-JUNE 30, 1995 STATUS
AND THE POST-JUNE 30, 1995 STATUS OF A PARTICIPATING GOVERNMENTAL UNIT
USING THE ASSUMPTIONS THAT:

(I) THE PARTICIPATING GOVERNMENTAL UNIT ELECTS TO
WITHDRAW FROM THE EMPLOYEES' SYSTEMS AS OF JUNE 30, 1995;

(II) THE EMPLOYEES OF THE WITHDRAWING PARTICIPATING
GOVERNMENTAL UNIT WHO ARE MEMBERS OF THE EMPLOYEES' RETIREMENT
SYSTEM ELECT TO REMAIN IN THE EMPLOYEES' SYSTEMS; AND

(III) THE EMPLOYEES OF THE WITHDRAWING PARTICIPATING
GOVERNMENTAL UNIT WHO ARE MEMBERS OF THE EMPLOYEES' PENSION SYSTEM
ELECT TO WITHDRAW FROM THE EMPLOYEES' SYSTEMS.

(4)     THE PRE-JUNE 30, 1995 STATUS OF A PARTICIPATING
GOVERNMENTAL UNIT IS AN AMOUNT EQUAL TO THE DIFFERENCE BETWEEN:

(I) THE ASSETS TRANSFERABLE TO A PARTICIPATING
GOVERNMENTAL UNIT THAT ARE ALLOCABLE TO THE EMPLOYEES OF THE
PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO WITHDRAW FROM THE

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