1714                             Laws of Maryland                      [Ch. 662

CHAPTER 662
(Senate Bill 40)

AN ACT to repeal and re-enact, with amendments, Section 192(3a)
of Article 77 of the Annotated Code of Maryland (1971 Supple-
ment), title "Public Education," subtitle "Chapter 17. Teachers'
Retirement System," amending the laws concerning certain persons
who are or were members or beneficiaries of the Employees' Retire-
ment System of the City of Baltimore, in order to provide for the
rate of contribution in certain circumstances, and clarifying the
arrangement of several paragraphs in this section.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 192(3a) of Article 77 of the Annotated Code of Mary-
land (1971 Supplement), title "Public Education," subtitle "Chapter
17. Teachers' Retirement System," BE AND IT is hereby repealed
and re-enacted with amendments, to read as follows:

192.

3a (a) Anything to the contrary notwithstanding, effective July
1, 1971, all members and/or beneficiaries of the Employees' Retire-
ment System of the City of Baltimore who in the absence of the City
System would have qualified for membership or benefits hereunder
shall become members and/or beneficiaries of this State System.

(b)    Commencing July 1, 1971, the Board of Trustees of this
Retirement System and the Board of Trustees of the Employees'
Retirement System of the City of Baltimore shall proceed to imple-
ment as soon as practicable thereafter, and before July 1, 1972, the
administrative processes necessary for orderly transition of the
membership arrangements provided under this subsection. Within
these time limits the Board of Trustees shall arrange for the com-
mencement of the payment of retirement allowances and supple-
mentary payments to transferred beneficiaries in receipt of benefits
in such amounts as are payable from the City System, consistent
with the provisions of this subsection and Article. Provided, how-
ever, that the System from which each member or beneficiary is
transferred has the absolute obligation for and shall pay any amount
to which the member or beneficiary would have been entitled under
the provisions of the local system as they exist as of July 1, 1971,
to the extent, if any, that amount exceeds what is provided under
this Article.

(c)    The rate of contribution payable under this Retirement Sys-
tem by each transferee who has not retired shall be determined on
the basis of his age and time of entry into the City System.

(d)    The assets transferable from the City System to the State
System shall be determined on a basis satisfactory to both Boards.
The transfer shall include the actuarial value of the unexpended
balance of the State's contributions to the City System with interest
to the date of transfer, the accumulated contributions of active mem-
bers, and the actuarial value of the annuities payable to beneficiaries
as of the date of transfer. The assets shall be transferred on or before
June 30, 1972.