The actuary of the Public Employees’ Retirement System shall calculate the liability of each employer of persons becoming members or retirants of the Public Employees’ Retirement System under this act and the beneficiaries of such members and retirants in the same manner as is specified in the case of other employers where the act to which this act is a supplement has been adopted, taking also into account the value of securities and other assets as well as all liabilities which have been transferred to the Public Employees’ Retirement System. In the event that the value of the securities and assets so transferred is less than the total of the active members’ aggregate contributions to the terminated pension fund, the liability of the employer shall include an amount equal to the difference between these two values.

L.1956, c. 169, p. 664, s. 8. Amended by L.1959, c. 170, p. 702, s. 6.