Section 21-305.2 - Employer contributions - Accrued liability contributions. - Maryland Statutes

§ 21-305.2. Employer contributions - Accrued liability contributions.
 

(a)  "Employees' systems" defined.- In this section, "employees' systems" means the Employees' Pension System and the Employees' Retirement System. 

(b)  Actuarial method.- As part of each actuarial valuation, the actuary shall determine the accrued liability contributions on account of members of the employees' systems who are employees of participating governmental units. 

(c)  Rate determination.- Beginning July 1, 2001, each year the Board of Trustees shall set contribution rates for each State system that shall amortize: 

(1) all unfunded liabilities or surpluses accrued as of June 30, 2000, over 20 years; and 

(2) any new unfunded liabilities or surpluses that have accrued from July 1 of the preceding fiscal year over 25 years to reflect: 

(i) experience gains and losses; 

(ii) the effect of changes in actuarial assumptions; and 

(iii) the effect of legislation effective on or after July 1, 2001. 
 

[1996, ch. 661; 2001, ch. 583.]