454 ARTICLE 77.

retirement or pension systems for teachers. On the receipt of the warrant
of the Comptroller, the Treasurer of the State of Maryland shall immedi-
ately transfer to the State retirement system the amounts due and shall pay
to the Treasurer of each city or county operating a local retirement or
pension plan covering teachers the amount due.

(b) To cover the requirements of the system for the period prior to
the first day of October, nineteen hundred and twenty-nine, there is hereby
authorized for the Pension Accumulation Fund and for the Expense Fund
the use of any funds that may be provided therefor in an amendment or
supplement to the Budget, or in a supplementary appropriation bill.

1927, ch. 344, sec. 100.

100. Benefits to Teachers Retired Under Provisions of Chapter 447
of the Acts of 1920.

All pensions to teachers retired under Chapter 447 of the Acts of 1920
in force on the date this retirement system is established shall be continued
and paid thereafter from the Pension Accumulation Fund created by this
sub-title. The residue of any appropriation made for the payment of the
pensions of teachers retired under Chapter 447 of the Acts of 1920 shall
be transferred and credited to the Pension Accumulation Fund created
by this sub-title.

1927, ch. 344, sec. 101.

101. Guaranty.

The creation and maintenance of reserves in the Pension Accumulation
Fund, the maintenance of annuity reserves and pension reserves as pro-
vided for, and regular interest creditable to the various funds as provided
in Section 99, of this Article, and the payment of all pensions, annuities,
retirement allowances, refunds and other benefits granted under the pro-
visions of this sub-title, and all expenses in connection with the administra-
tion and operation of this retirement system are hereby made obligations
of the State of Maryland. All income, interest and dividends derived from
deposits and investments authorized by this sub-title shall be used for the
payment of the said obligations of the said State. Any amounts derived
therefore which, when combined with the regular amounts, otherwise con-
tributable by the State of Maryland as provided under the provisions of
this sub-title, exceed the amount required to provide such obligations, shall
be used to reduce the regular appropriations otherwise required.

1927, ch. 344, sec. 102.

102. Assignments Prohibited.

The right of a person to a pension, an annuity, or a retirement allow-
ance, to the return of contributions, the pension annuity or retirement
allowance itself, any optional benefit or death benefit, any other right
accrued or accruing to any person under the provisions of this sub-title,
and the moneys in the various funds created by this sub-title, shall be
unassignable.