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Session Laws, 2007
Volume 803, Page 2120   View pdf image
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Ch. 337
2007 Laws of Maryland
(2) As of June 30 of each fiscal year, the actuary shall determine the
participant funding ratio for the participating governmental units as provided in this
subsection. (3) The participant funding ratio shall be a fraction that has: (i) as its numerator, the assets to the credit of the participating
governmental units in the accumulation fund and the annuity savings fund of the
employees' systems as adjusted under paragraph (4) of this subsection; and (ii) as its denominator, the actuarial liabilities of the
participating governmental units. (4) The assets to the credit of the participating governmental units as
of the valuation date shall be: (i) increased by the sum of the outstanding balances of: 1. the special accrued liability attributable to each
participating governmental unit under § 21-305.3 of this subtitle; 2. the deficit allocated to each participating
governmental unit under § 21-305.4(c) of this subtitle; and 3. the withdrawal liability contribution attributable to
each participating governmental unit under subsection (h) of this section; and (ii) decreased by the sum of the outstanding balances of the
surplus allocated to each participating governmental unit under § 21-305.4(b) of this
subtitle. (f) (1) This subsection applies to a participating governmental unit that
elected to provide its employees with the contributory pension benefit [under Title 23
of this article] OR THE ALTERNATE CONTRIBUTORY PENSION SELECTION as
provided in § 31-116 of this article. (2) The assets that are allocable to the employees of a participating
governmental unit who elect to withdraw from the employees' systems shall be
computed by the actuary as provided in this subsection. (3) If the participant funding ratio for the fiscal year preceding the
effective date of withdrawal of the participating governmental unit is less than 100%,
the actuary shall multiply the participant funding ratio for the fiscal year preceding
the effective date of withdrawal of the participating governmental unit by the
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Session Laws, 2007
Volume 803, Page 2120   View pdf image
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