Volume 795, Page 4202 View pdf image |
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Ch. 740 1997 LAWS OF MARYLAND BY repealing and reenacting, with amendments, SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF Article - State Personnel and Pensions 21-305.4. (a) (1) In this section the following words have the meanings indicated. (2) "Deficit" means, as to any participating governmental unit, THE LESSER OF: (I) the amount, as of June 30, 1995, by which the present value of the (II) 40% OF THE AGGREGATE ANNUAL EARN ABLE COMPENSATION (3) "Employees' systems" means the Employees' Pension System and the (4) "Required employer contribution" means the amount payable each (5) "Surplus" means, as to any participating governmental unit, the amount, (b) (1) The actuary shall determine the surplus allocable to a participating (2) The surplus of a participating governmental unit may not be less than zero. (3) The annual credit of a participating governmental unit shall be the - 4202 -
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Volume 795, Page 4202 View pdf image |
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