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Ch. 374
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2000 LAWS OF MARYLAND
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Section 23-204(b)
Annotated Code of Maryland
(1997 Replacement Volume and 1999 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article - State Personnel and Pensions
21-305.3.
(a) (1) In this section the following words have the meanings indicated.
(2) "Employees' systems" means the Employees' Pension System and the
Employees' Retirement System.
(3) "Special accrued liability" means, as to any participating
governmental unit, the liability of the employees' systems on account of[:
(i) ] the employees of the participating governmental unit who elect
to become members under § 23-204(b) of this article[; and
(ii) the retirees of the participating governmental unit who were
being paid pensions under a local pension system on the date of approval of
participation by the legislative body of the participating governmental unit],
(b) Each participating governmental unit shall make a special accrued
liability contribution on account of its participation in the employees' systems.
(c) 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.
(d) Except as provided in subsection (e) of this section, the annual special
accrued liability contribution of each participating governmental unit shall be the
level annual payment that is sufficient to liquidate, over 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:
(1) the present value, as of the date of approval, of future normal
contributions, future accrued liability contributions, future contributions for members
of the Employees' Retirement System required under § 21-305(b)(2)(iii) of this
subtitle, future member contributions on behalf of or by members who are employees
of the participating governmental unit; and
(2) any cash and securities transferred to the employees' system in
accordance with § 31-113(d) of this article.
(e) Subject to the approval of the Board of Trustees, a participating
governmental unit may liquidate its unfunded special accrued liability:
(1) over a period not to exceed 40 years; or
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