Volume 794, Page 3755 View pdf image |
PARRIS N. GLENDENING, Governor Ch. 661 (b) (1) As part of each actuarial valuation, the actuary shall determine the (2) Except as provided in paragraph (3) of this subsection, the normal (i) as its numerator, the sum of the normal contributions determined (ii) as its denominator, the aggregate annual earnable compensation of (3) On the recommendation of the actuary, the Board of Trustees may (i) experience gains and losses; (ii) the effect of changes in actuarial assumptions; and (iii) the effect of legislation enacted after July 1, 1989. (c) (1) The accrued liability contribution rate for the Local Fire and Police [(1)] (I) the assets in the accumulation fund and the annuity savings fund of [(2)] (II) the present value of future normal contributions, future special (2) ON THE RECOMMENDATION OF THE ACTUARY, THE BOARD OF (I) EXPERIENCE GAINS AND LOSSES; (II) THE EFFECT OF CHANGES IN ACTUARIAL ASSUMPTIONS; AND (d) (1) In this subsection, "special accrued liability" means, as to any (2) Each participating governmental unit shall make a special accrued - 3755 -
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Volume 794, Page 3755 View pdf image |
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