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Session Laws, 1941
Volume 582, Page 977   View pdf image (33K)
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such corresponding adjustments as might affect the "ac-
crued liability contribution" payable by the State, shall be
payable on account of faculty members of the College 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 contribu-
tion, which would be payable on account of all such mem-
bers in the College, shall be paid by the Board of Trustees
of Morgan State College from such funds as may be avail-
able to such Board of Regents.

Should such Board of Trustees for any reason become
financially unable to make the required contributions pay-
able on account of its faculty, then such Board of Trustees
shall be deemed to be in default and a certificate to this
effect shall be sent to each member and beneficiary of such
College. All members of the retirement system who were
members of the faculty of the College at the time of default,
shall thereupon be entitled to discontinue membership in
the retirement system and to a refund of their accumu-
lated 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 College, 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 pro-
vide 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 an-
nuity, shall thereafter be payable to him. The rights and
privileges of both active members and pensioners of such
College shall thereupon terminate except as to the payment
of the deferred annuities so provided for the previous
active members and the annuities and the pensions, or
parts thereof, provided for the pensioners.

Notwithstanding anything to the contrary, the retire-
ment system shall not be liable for the payment of any
pensions or other benefits on account of the faculty of the
College, for which reserves have not been previously cre-
ated from funds contributed by such College or its members
for such benefits.

SEC. 2. And be it further enacted, That this Act shall
shall take effect as of June 1, 1941.

Approved May 2, 1941.


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Session Laws, 1941
Volume 582, Page 977   View pdf image (33K)   << PREVIOUS  NEXT >>

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