Ch. 661                                1996 LAWS OF MARYLAND

(3)     The special accrued liability contribution shall be determined by an
actuarial valuation of the special accrued liability as of the date of approval of
participation by the legislative body of the participating governmental unit.

(4)     Except as provided in paragraph (5) of this subsection, the annual
special accrued liability contribution of each participating governmental unit shall be the
level annual payment that is sufficient to liquidate, over [30] 25 years beginning on the
date of approval by the legislative body of the participating governmental unit, the
amount by which the special accrued liability of the participating governmental unit
exceeds the sum of:

(i) the present value, as of the date of approval, of future normal
contributions, future accrued liability contributions, and future member contributions on
behalf of or by members who are employees of the participating governmental unit; and

(ii) any cash and securities transferred to the Local Fire and Police
System in accordance with § 31-205(b) of this article.

(5)     Subject to the approval of the Board of Trustees, a participating
governmental unit may liquidate its unfunded special accrued liability:

(i) over [ less than 30 years] A PERIOD NOT TO EXCEED 40 YEARS ;
or

(ii) subject to the actuary's concurrence, by means of annual payments
other than level annual payments.

(6)     The expense of making the initial special accrued liability actuarial
valuation shall be assessed against and paid by the participating governmental unit on
whose account it is necessary.

(e) (1) [In this subsection, "withdrawal liability" means, as to any participating
governmental unit withdrawing from the Local Fire and Police System, the liability of the
Local Fire and Police System on account of:

(i) employees of the participating governmental unit who do not elect
to withdraw;

(ii) retirees of the Local Fire and Police System who retired from the
service of the participating governmental unit and the designated beneficiaries of those
retirees; and

(iii) former members of the Local Fire and Police System eligible for a
vested allowance who separated from employment with the participating governmental
unit.

(2) On and after the date of a participating governmental unit's withdrawal
from the Local Fire and Police System under § 31-302(b) of this article:

(i) the participating governmental unit and its employees are not
required to make any further contributions to the Local Fire and Police System for those
employees who elect to withdraw from the Local Fire and Police System;

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