Section 23-306.1 - Eligibility service - State Racing Commission. - Maryland Statutes

§ 23-306.1. Eligibility service - State Racing Commission.
 

(a)  In general.-  

(1) Except as provided in paragraph (2) of this subsection, a member of the Employees' Pension System who is an additional employee or agent of the State Racing Commission authorized by § 11-207 of the Business Regulation Article is entitled to eligibility service for any service on or after January 1, 1986 as an additional employee or agent of the State Racing Commission. 

(2) For the purpose of computing benefits under this Division II, a member of the Employees' Pension System who is an additional employee or agent of the State Racing Commission authorized by § 11-207 of the Business Regulation Article is entitled to creditable service for service on or after the initial date of employment or July 1, 1991, whichever is later. 

(b)  Amortization of unfunded liability.- If the Board of Trustees determines that the eligibility service and creditable service granted in subsection (a) of this section creates an unfunded liability to the Employees' Pension System, the licensees of the State Racing Commission shall pay, over a period of 25 years, an amount sufficient to amortize the unfunded liability. 
 

[1995, ch. 556.]