Section 21-125.1 - Actuarial study of State system and comparison to other systems by actuarial consulting firm. - Maryland Statutes

§ 21-125.1. Actuarial study of State system and comparison to other systems by actuarial consulting firm.
 

(a)  In general.- Beginning on or before September 1, 2008, and every 5 years thereafter, the Joint Committee on Pensions shall commission an actuarial consulting firm to conduct a study of the several systems in addition to the actuarial investigation and valuation performed by the actuary under § 21-125 of this subtitle and a comparison of the several systems with other similarly situated public pension plans. 

(b)  Consideration of certain issues.- The actuarial consulting firm shall consider the following issues with regard to the several systems and other similarly situated public pension plans: 

(1) the funding status of the State Retirement and Pension System, including its current unfunded accrued liability; 

(2) the composition of the several systems, including: 

(i) the number of active members, retirees, disability retirees, and beneficiaries of all retirees; 

(ii) the average annual salaries of the active members in the various plans in the State Retirement and Pension System; 

(iii) the average annual benefits of the retirees and beneficiaries of the State Retirement and Pension System; and 

(iv) the average age, life expectancy, and years of service of active members retiring from the various plans in the State Retirement and Pension System; and 

(3) the benefit levels provided by the various State systems, including a comparison of member contribution rates and the accrual rates. 

(c)  Reporting.- The findings of the actuarial consulting firm shall be submitted to the Joint Committee on Pensions on or before December 31, of the year of study, in accordance with § 2-1246 of the State Government Article. 
 

[2006, ch. 110; 2008, chs. 408, 409.]