Ch. 661                                    1996 LAWS OF MARYLAND

EMPLOYEES' SYSTEMS AS DETERMINED BY THE ACTUARY APPLYING THE
PROVISIONS OF FORMER § 21-305(F) OF THE STATE PERSONNEL AND PENSIONS
ARTICLE AS OF JUNE 30, 1995; AND

(II) THE WITHDRAWAL LIABILITY OF A PARTICIPATING
GOVERNMENTAL UNIT THAT IS ATTRIBUTABLE TO THE EMPLOYEES OF THE
PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO REMAIN MEMBERS OF THE
EMPLOYEES' SYSTEMS AS DETERMINED BY THE ACTUARY APPLYING THE
PROVISIONS OF FORMER STATE PERSONNEL AND PENSIONS ARTICLE § 21-305(F) OF
THE CODE AS OF JUNE 30, 1995.

(5)     THE POST-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 WHO ELECT TO
WITHDRAW FROM THE EMPLOYEES' SYSTEMS AS DETERMINED UNDER SUBSECTION
(D) OF THIS SECTION; AND

(II)    THE WITHDRAWAL LIABILITY OF A PARTICIPATING
GOVERNMENTAL UNIT THAT IS ATTRIBUTABLE TO THE EMPLOYEES OF THE
PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO REMAIN IN THE EMPLOYEES'
SYSTEMS AS DETERMINED UNDER SUBSECTION (E) OF THIS SECTION.

(6)      (I) SUBJECT TO SUBPARAGRAPH (II) OF THIS PARAGRAPH, THE
TRANSITION AMOUNT OF A PARTICIPATING GOVERNMENTAL UNIT IS THE AMOUNT
DETERMINED BY THE ACTUARY AS OF JUNE 30, 1995, EQUAL TO THE DIFFERENCE
BETWEEN:

1.       THE POST-JUNE 30, 1995 STATUS OF THE PARTICIPATING
GOVERNMENTAL UNIT AS DETERMINED UNDER PARAGRAPH (4) OF THIS
SUBSECTION; AND

2.       THE PRE-JUNE 30, 1995 STATUS OF THE PARTICIPATING
GOVERNMENTAL UNIT AS DETERMINED UNDER PARAGRAPH (3) OF THIS
SUBSECTION.

(II) THE TRANSITION AMOUNT OF A PARTICIPATING
GOVERNMENTAL UNIT MAY NOT BE LESS THAN ZERO.

(7)     AS OF JUNE 30 OF EACH FISCAL YEAR, THE TRANSITION AMOUNT OF
A PARTICIPATING GOVERNMENTAL UNIT SHALL DECREASE BY WRITING DOWN THE
TRANSITION AMOUNT IN EQUAL ANNUAL INSTALLMENTS OVER THE 25-YEAR TERM
BEGINNING ON JULY 1, 1995.

(8)     ON THE RECOMMENDATION OF THE ACTUARY, THE BOARD OF
TRUSTEES SHALL ADOPT REGULATIONS THAT ARE NECESSARY TO CARRY OUT THIS
SECTION, AND THAT SET FORTH A SCHEDULE REFLECTING:

(I) ANY TRANSITION AMOUNT ALLOCABLE TO A PARTICIPATING
GOVERNMENTAL UNIT; AND

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