1734                            JOINT RESOLUTIONS

Whereas, Those recommendations included changing the basis of
calculation of retirement benefits from 1/70 to 1/60 for each year
of service, changing the interest assumption rate, decreasing the
years required for vesting, establishing cost-of-living adjustments
in retirement allowances, eliminating social security payments in the
calculation of supplemental pensions; and adjusting of benefits for
persons presently retired by one-sixth; and

Whereas, These proposals are interrelated and in aggregate would
cost in excess of $10,000,000; and

Whereas, The Committee on Taxation and Fiscal Matters believes
adjustments are needed in the retirement programs for persons
presently employed and those who have already retired but that
adjustments should be made only after a thorough study of all
aspects of the retirement systems; now, therefore, be it

Resolved by the General Assembly of Maryland, That the Depart
ment of Fiscal Services LEGISLATIVE COUNCIL is directed to
undertake a thorough study of all aspects of the retirement AND
PENSION systems, utilizing the assistance of the Director of the
retirement systems and the actuaries for the systems, and such other
technical assistance as may be necessary and to submit its findings
to the appropriate legislative committee GENERAL ASSEMBLY.

Approved May 2, 1969.

No. 3
(Senate Joint Resolution 10)

Senate Joint Resolution requesting the Boards of Trustees of the
Employees' Retirement System and of the Teachers' Retirement
System to raise the valuation interest rate to 4½% for fiscal year
1969-1970 and thereafter.

Whereas, the Boards of Trustees of the Employees' Retirement
System and of the Teachers' Retirement System have improved the
invested income of these systems to an extent that income exceeds
the actuarial requirements of these systems; and

Whereas, State employees and teachers retiring in the future
could receive increased benefits without any immediate increase in
the State's level of contribution if the valuation interest rate were
increased; now, therefore, be it

Resolved, That the General Assembly requests the Boards of Trus-
tees of the Employees' Retirement System and of the Teachers'
Retirement System to raise the valuation interest rate to 4½% for
fiscal year 1969-1970 and thereafter, and be it further

Resolved, That copies of this Resolution be sent to each member
of the Boards of Trustees of the Employees' Retirement System and
of the Teachers' Retirement System, and to Mr. Christ G. Christis
and Mr. Malcolm Barlow.

Approved May 2, 1969.