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Ch. 440 2002 LAWS OF MARYLAND
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SECTION 4. AND BE IT FURTHER ENACTED, That the Laws of Maryland
read as follows:
Article - State Personnel and Pensions
21-304.
(a) (1) IN THIS SECTION THE FOLLOWING WORDS HAVE THE MEANING
INDICATED.
(2) "FULL FUNDING RATE" MEANS THE SUM OF:
(I) THE AGGREGATE NORMAL RATE THAT IS BASED ON THE
NORMAL CONTRIBUTION RATE CALCULATED UNDER SUBSECTION (C) OF THIS
SECTION AND ADJUSTED TO INCORPORATE LEGISLATIVE CHANGES IN BENEFITS TO
REFLECT CHANGES TO THE NORMAL COST; AND
(II) THE AGGREGATE UNFUNDED ACCRUED LIABILITY
CONTRIBUTION RATE THAT IS BASED ON THE UNFUNDED ACCRUED LIABILITY
CONTRIBUTION RATE UNDER SUBSECTION (D)(1) AND (2) OF THIS SECTION.
(3) "FUNDING RATIO FOR THE EMPLOYEES' SYSTEMS" MEANS THE
ACTUARIAL VALUE OF ASSETS FOR THE EMPLOYEES' SYSTEMS DIVIDED BY THE
ACTUARIAL ACCRUED LIABILITY FOR THE EMPLOYEES' SYSTEMS.
(4) "FUNDING RATIO FOR THE TEACHERS' SYSTEMS" MEANS THE
ACTUARIAL VALUE OF ASSETS FOR THE TEACHERS' SYSTEMS DIVIDED BY THE
ACTUARIAL ACCRUED LIABILITY FOR THE TEACHERS' SYSTEMS.
(5) [In this section,] "State member" does not include a member on
whose behalf a participating governmental unit is required to make an employer
contribution under § 21-305 or § 21-306 of this subtitle.
(b) (1) Each fiscal year, on behalf of the State members of each State system,
the State shall pay to the appropriate accumulation fund an amount equal to or
greater than THE SUM OF THE AMOUNT, IF ANY, REQUIRED TO BE INCLUDED IN THE
BUDGET BILL UNDER § 3-501(C)(2)(II) OF THIS ARTICLE AND the product of
multiplying:
(i) the aggregate annual earnable compensation of the State
members of that State system; and
(ii) 1. FOR STATE MEMBERS OF THE LAW ENFORCEMENT
OFFICERS' RETIREMENT SYSTEM, STATE POLICE RETIREMENT SYSTEM, AND THE
JUDGES' RETIREMENT SYSTEM, the sum of the normal contribution rate and the
accrued liability contribution rate, as determined under this section;
2. FOR STATE MEMBERS OF THE EMPLOYEES' PENSION
SYSTEM. EMPLOYEES' RETIREMENT SYSTEM. CORRECTIONAL OFFICERS'
RETIREMENT SYSTEM, AND LEGISLATIVE PENSION PLAN, THE EMPLOYEES' SYSTEMS
CONTRIBUTION RATE DETERMINED UNDER SUBSECTION (E) OF THIS SECTION; OR
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- 3574 -
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