(a) In each State system, there is: (1) an accumulation fund; (2) an annuity savings fund; and (3) an expense fund. (b) The Board of Trustees shall credit the assets of each State system to the appropriate fund of the State system according to the purpose for which the assets are held.
(a) The following are obligations of the State: (1) the payment of all allowances and other benefits payable under this Division II; (2) the creation and maintenance of reserves in the accumulation funds of the several systems; (3) the crediting of regular interest to the annuity savings funds of the several systems; and (4) except as provided in § 21–316 […]
(a) The Board of Trustees shall credit to the accumulation fund of each State system: (1) all employer contributions to the State system; (2) all interest, dividends, and other income derived from the assets of the State system; and (3) amounts transferred under § 21–311(c) or (d) of this subtitle. (b) The Board of Trustees shall pay from the accumulation […]
(a) (1) In this section the following words have the meanings indicated. (2) With respect to local employees, “aggregate annual earnable compensation” means the total annual earnable compensation payable by a local employer to all of its local employees, calculated as of June 30 of the second prior fiscal year before the fiscal year for […]
(a) In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (b) (1) Each fiscal year, on behalf of its employees who are members of one of the employees’ systems, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying: (i) the aggregate annual earnable compensation of […]
(a) In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (b) As part of each actuarial valuation, the actuary shall determine the normal contributions, net of member contributions, on account of members of the employees’ systems who are employees of participating governmental units. (c) Except as provided in subsection (d) of this […]
(a) In this section, “employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (b) 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) Each year the Board of Trustees shall set contribution rates for […]
(a) (1) In this section the following words have the meanings indicated. (2) “Employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (3) “Special accrued liability” means, as to any participating governmental unit, the liability of the employees’ systems on account of the employees of the participating governmental unit who elect to become members under § […]
(a) (1) In this section the following words have the meanings indicated. (2) “Deficit” means, as to any participating governmental unit, the lesser of: (i) the amount, as of June 30, 1995, by which the present value of the accrued benefit of the employees of the participating governmental unit who are members of the Employees’ Retirement System exceeds the […]
(a) (1) In this section the following words have the meanings indicated. (2) “Complement of the participant funding ratio” is a ratio equal to 100% minus the participant funding ratio, and may not be less than zero. (3) “Employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (4) “Noncontributory participating governmental unit” means a participating governmental unit […]
(a) (1) In this section the following words have the meanings indicated. (2) “Employees’ systems” means the Employees’ Pension System and the Employees’ Retirement System. (3) “Partial withdrawal” means that a participating governmental unit elects to withdraw from participation in the employees’ systems and transfer to a local pension system any of the following groups of employees of the […]
(a) (1) Each fiscal year, on behalf of its employees who are members of the Local Fire and Police System, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying: (i) the aggregate annual earnable compensation of those members; and (ii) the sum of the normal contribution rate and the accrued liability […]
(a) (1) Each fiscal year, on behalf of its employees who are members of the Law Enforcement Officers’ Pension System, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying: (i) the aggregate annual earnable compensation of those members; and (ii) the sum of the normal contribution rate and the accrued liability […]
(a) (1) Each fiscal year, on behalf of its employees who are members of the Correctional Officers’ Retirement System, a participating governmental unit shall pay an amount equal to or greater than the product of multiplying: (i) the aggregate annual earnable compensation of those members; and (ii) the sum of the normal contribution rate and the accrued liability contribution […]
(a) For a permanent employee of a board of supervisors of elections who is a member of the Employees’ Retirement System or the Employees’ Pension System, the county where the member is employed shall: (1) pay to the Board of Trustees or the Central Payroll Bureau the employer contributions otherwise required to be made by the State […]
(a) (1) On or before December 1 of each year, the Board of Trustees shall: (i) certify to the Governor and the Secretary of Budget and Management the rates to be used to determine the amounts to be paid by the State to the accumulation fund of each of the several systems during the next fiscal year, including […]
(a) In this section, “participating governmental unit” includes a county required to pay the employer contribution or part of the employer contribution under § 21-307 of this subtitle. (b) Each year, the Board of Trustees shall certify to the chief fiscal officer of each participating governmental unit: (1) the normal contribution rates, accrued liability contribution rates, special accrued […]
(a) (1) In this section the following words have the meanings indicated. (2) “Local employee” has the meaning stated in § 21–304 of this subtitle. (3) “Local employer” has the meaning stated in § 21–304 of this subtitle. (b) On or before December 1 of each year, the Board of Trustees shall determine and certify the amounts payable by each […]
(a) Each year, the Board of Trustees shall certify to the Maryland Environmental Service the State’s normal contribution rate and the State’s accrued liability contribution rate and the amounts payable under § 21–307(f) of this subtitle. (b) (1) The Maryland Environmental Service shall pay to the Board of Trustees the amount of the charges certified to the Maryland […]
(a) The Board of Trustees shall credit to each member’s individual account in the annuity savings fund of the appropriate State system: (1) the member contributions of the member as provided in this Division II; and (2) regular interest on the accumulated contributions of the member as provided in this Division II. (b) From the annuity savings fund of […]
