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Ch. 337
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Martin O'Malley, Governor
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actuarial liability allocable to the employees of the participating governmental unit
who elect to withdraw.
(4) If the participant funding ratio for the fiscal year preceding the
effective date of withdrawal of the participating governmental unit is 100% or greater
and less than 110%, the actuary shall multiply the actuarial liability allocable to the
employees of the participating governmental unit who elect to withdraw by 100%.
(5) If the participant funding ratio for the fiscal year preceding the
effective date of withdrawal of the participating governmental unit is 110% or greater,
the actuary shall multiply the actuarial liability allocable to the employees of the
participating governmental unit who elect to withdraw by the difference between the
participant funding ratio and 10%.
(6) Any assets computed under paragraph (3), (4), or (5) of this
subsection shall be reduced by the; sum of:.
(i) the outstanding, balance of the deficit allocable to the
participating governmental unit as of the effective date of withdrawal;
(ii) the outstanding balance of the special accrued liability
contribution allocable to the participating governmental unit as of the effective date of
withdrawal; and
(iii) any transition amount as determined under subsection (i) of
this section.
21-307.
(k) For each employee who is subject to the contributory pension benefit
[under Title 23, Subtitle 2, Part II of this article], Frederick County shall pay the
additional liabilities that result from the contributory pension benefit according to a
schedule of amortization that is subject to the approval of the Board of Trustees.
(1) For each employee of a participating governmental unit that initially
elects to provide its employees with the contributory pension benefit [under Title 23,
Subtitle 2, Part II of this article] between July 1, 2002 and December 31, 2002,
inclusive, the participating governmental unit shall pay the additional liabilities that
result from the contributory pension benefit according to any increase in the normal
cost percentage plus a schedule of amortization that is subject to the approval of the
Board of Trustees.
(M) FOR EACH EMPLOYEE OF A PARTICIPATING GOVERNMENTAL UNIT
THAT INITIALLY ELECTS TO PROVIDE ITS EMPLOYEES WITH THE ALTERNATE
CONTRIBUTORY PENSION SELECTION BETWEEN JULY 1, 2006, AND JUNE 30,
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-2121-
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