122Superannuation—contributions—designated port employees

122 Superannuation—contributions—designated port employees (1) The Local Authorities Superannuation Board must on the advice of an actuary appointed by the Local Authorities Superannuation Board determine— (a) the extent to which the liability specified under section 120(4)(a) is unfunded; and (b) the contribution to be paid to the Local Authorities Superannuation Fund in respect of that unfunded liability— (i) by PMA, PGA or PPA in respect of persons who transferred from the Transport Superannuation Fund; (ii) by PMA in respect of persons who transferred from the Port of Melbourne Authority Superannuation Fund; (iii) by the Treasurer from the Consolidated Fund in respect of persons who transferred from the State Superannuation Fund; (iv) by PMA, PGA or PPA in respect of persons who transferred from the State Employees Retirement Benefits Fund. (2) For the purpose of subsection (1), the liability in respect of each person who transferred is to be treated as being in the same proportion as the total net assets of the Local Authorities Superannuation Fund are to the total liabilities of the Local Authorities Superannuation Fund. (3) The contributions determined under subsection (1) must be paid to the Local Authorities Superannuation Board in such instalments and at such intervals as is agreed between the Local Authorities Superannuation Board and the relevant person, or in the absence of agreement, as is determined by the Minister.