PUBLIC EDUCATION 2941

1937, ch. 377.

109. Should the Board of Regents of the University of Maryland elect,
by resolution, approved by the Board of Trustees of the Retirement Sys-
tem, to have the members of the faculty and staff of such institution, herein-
after called the staff, eligible for participation in the retirement system,
the Trustees of the retirement system shall set a date subsequent hereto,
as of which date participation may begin for members of the staff in service
on such date, and after which participation shall be required of new en-
trants in positions on the staff of such University. Any member of the staff
as of such date, or who was a member during the year next preceding, who
elects to become a member of the retirement system within the first year
next following, shall file a statement of service prior to such date and
be credited for such service as prior service in a manner similar to that
provided in Section 98 of this article, for teachers entitled to prior service
credit. Members of the staff entering the service after such date shall be
credited with service in a manner similar to the credit accorded to other
teachers entering the membership of the retirement system. After such
date set for participation, members of the staff of the University shall be
considered in all other respects as to contributions by them and benefits
payable to them, or on their account, as if they were teachers employed in
a public school. The actuary of the retirement system shall determine
under the provisions of Sub-Section (3) of Section 102 of this Article
a special "accrued liability contribution" sufficient to cover the accrued
liability on account of such members of the staff for any service rendered
before the date of participation, with which they are credited, and such
contribution, subject to such corresponding adjustments as might affect
the "accrued liability contribution" payable by the State, shall be payable
on account of staff members of the University in lieu of the rate set for
other teachers, and for a period of time equal to the period over which the
accrued liability contribution of the State is payable. The State's contri-
bution, which would be payable on account of all such members in the
University, shall be paid by the Board of Regents of the University of
Maryland from such funds as may be available to such Board of Regents.

Should such Board of Regents for any reason become financially unable
to make the required contributions payable on account of its staff, then
such Board of Regents shall be deemed to be in default and a certificate
to this effect shall be sent to each member and beneficiary of such Uni-
versity. All members of the retirement system, who were members of the
staff of the University at the time of default, shall thereupon be entitled
to discontinue membership in the retirement system and to a refund of
their accumulated contributions upon demand made within ninety days
thereafter. As of a date ninety days following the date of such default,
the actuary of the retirement system shall determine by actuarial valuation
the amount of the reserves held on account of each active member and
pensioner of such University, and shall credit to each such member and
pensioner the amount of reserve so held. The reserve so credited, together
with the amount of the accumulated contributions of each active member,
shall be used to provide a paid up deferred annuity beginning at age
sixty for him, and the reserve of each pensioner shall be used in providing
such part of his existing pension as the reserve so held will provide, which
pension, together with his annuity, shall thereafter be payable to him.
The rights and privileges of both active members and pensioners of such