Ch. 661

1996 LAWS OF MARYLAND

(III) AS OF THE EFFECTIVE DATE OF WITHDRAWAL OF A
PARTICIPATING GOVERNMENTAL UNIT FROM THE LOCAL FIRE AND POLICE
SYSTEM, THE BOARD OF TRUSTEES SHALL TRANSFER TO THE ADMINISTRATIVE
BOARD OF THE LOCAL PENSION SYSTEM THE ASSETS THAT ARE ALLOCABLE TO THE
EMPLOYEES OF THE PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO
WITHDRAW FROM THE LOCAL FIRE AND POLICE SYSTEM AS DETERMINED UNDER
PARAGRAPH (4) OF THIS SUBSECTION.

(3)     (I) AS OF JUNE 30 OF EACH FISCAL YEAR, THE ACTUARY SHALL
DETERMINE THE ACTIVE PARTICIPANT FUNDING RATIO FOR THE PARTICIPATING
GOVERNMENTAL UNITS AS PROVIDED IN THIS SECTION.

(II) THE ACTIVE PARTICIPANT FUNDING RATIO SHALL BE A
FRACTION, NOT TO EXCEED 1, THAT HAS:                                     

1.       AS ITS NUMERATOR, THE ASSETS TO THE CREDIT OF THE
PARTICIPATING GOVERNMENTAL UNITS IN THE ACCUMULATION FUND AND THE
ANNUITY SAVINGS FUND OF THE LOCAL FIRE AND POLICE SYSTEM AS ADJUSTED
UNDER SUBPARAGRAPH (III) OF THIS PARAGRAPH, DECREASED BY THE SUM OF THE
ACTUARIAL LIABILITIES ALLOCABLE TO 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,
FORMER MEMBERS OF THE LOCAL FIRE AND POLICE SYSTEM WHO ARE ELIGIBLE
FOR A VESTED ALLOWANCE WHO SEPARATED FROM EMPLOYMENT WITH THE
PARTICIPATING GOVERNMENTAL UNIT, AND MEMBERS OF THE LOCAL FIRE AND
POLICE SYSTEM WHO SEPARATED FROM EMPLOYMENT WITH THE PARTICIPATING
GOVERNMENTAL UNIT BUT WHO MAY BECOME ELIGIBLE TO RECEIVE PRIOR
ELIGIBILITY SERVICE CREDIT UNDER § 28-303 OF THIS ARTICLE; AND

2.    AS ITS DENOMINATOR, THE ACTUARIAL LIABILITIES
THAT ARE ALLOCABLE TO THE EMPLOYEES OF THE PARTICIPATING
GOVERNMENTAL UNITS WHO ARE MEMBERS OF THE LOCAL FIRE AND POLICE
SYSTEM.

(III) THE ASSETS TO THE CREDIT OF THE PARTICIPATING
GOVERNMENTAL UNITS AS OF THE VALUATION DATE SHALL BE INCREASED BY THE
SUM OF THE OUTSTANDING BALANCES OF:

1.       THE SPECIAL ACCRUED LIABILITY ATTRIBUTABLE TO
THE PARTICIPATING GOVERNMENTAL UNITS UNDER SUBSECTION (D) OF THIS
SECTION; AND

2.       THE WITHDRAWAL LIABILITY ATTRIBUTABLE TO THE
PARTICIPATING GOVERNMENTAL UNITS UNDER PARAGRAPH (5) OF THIS
SUBSECTION.

(4)     (I) THE ASSETS THAT ARE ALLOCABLE TO THE EMPLOYEES OF A
PARTICIPATING GOVERNMENTAL UNIT WHO ELECT TO WITHDRAW FROM THE
LOCAL FIRE AND POLICE SYSTEM SHALL BE COMPUTED BY THE ACTUARY AS
PROVIDED IN THIS PARAGRAPH

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