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Session Laws, 1927
Volume 569, Page 634   View pdf image (33K)
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634 LAWS OF MARYLAND. [CH. 344

members which shall be deemed necessary to be paid into the
Expense Fund during the ensuing year to provide for the
expense of operation of the retirement system and such amount
shall be paid to the Expense Fund for this purpose.

(6) STATE CONTRIBUTIONS

(a) On or before the first day of November next preceding
each regular meeting of the General Assembly of Maryland the
Board of Trustees shall certify to the State Superintendent of
Schools, the amounts which will become due and payable during
the biennium next following each of the funds of the retirement
system together with a statement of the percentage of the pay-
roll of all members, which is equivalent to the total amount. To
this amount the State Superintendent of Schools shall add an
amount equal to such percentage of the payroll of teachers who
are members of local retirement funds in the cities and counties
of the State, who are excluded from membership in this retire-
ment system as provided in Section 94 of this Article, but not
in excess of the percentage certified for this retirement system,
as such respective cities or counties may have contributed
during the biennium preceding, to their own retirement or pen-
sion system on account of their teachers, which latter amount
shall be paid to such cities and counties; the amounts thus ascer-
tained shall be included by the State Superintendent of Schools
in his budget estimate and shall be included in the budget bill
which is submitted to the General Assembly.

The State Superintendent of Schools shall certify one-quarter
of the amount so ascertained for each year of the biennium to
the State Comptroller on or before the last day of December,
February, May and September. The Comptroller shall on or
before the first day of January, March, June and October draw
a warrant or warrants on the Treasurer of the State of Mary-
land for the respective amounts due the State retirement system
and the various cities and counties of the State which operate
local retirement or pension systems for teachers. On the receipt
of the warrant of the Comptroller, the Treasurer of the State of
Maryland shall immediately 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.

 

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Session Laws, 1927
Volume 569, Page 634   View pdf image (33K)
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