Maryland Code, STATE PERSONNEL AND PENSIONS 21-305.2
Terms Used In Maryland Code, STATE PERSONNEL AND PENSIONS 21-305.2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- state: means :
(1) a state, possession, territory, or commonwealth of the United States; or
(2) the District of Columbia. See
(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 each State system that shall amortize:
(1) all unfunded liabilities or surpluses accrued as of June 30, 2016, over 100 years;
(2) all unfunded liabilities or surpluses accrued as of June 30, 2017, over 40 years;
(3) all unfunded liabilities or surpluses accrued as of June 30, 2018, over 35 years;
(4) all unfunded liabilities or surpluses accrued as of June 30, 2019, over 30 years;
(5) all unfunded liabilities or surpluses accrued as of June 30, 2020, over 25 years;
(6) all unfunded liabilities or surpluses accrued as of June 30, 2021, over 22 years;
(7) all unfunded liabilities or surpluses accrued as of June 30, 2022, over 20 years; and
(8) beginning July 1, 2023, any new unfunded liabilities or surpluses that have accrued from July 1 of the preceding fiscal year over the time remaining until June 30, 2041, 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, 2023.