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Session Laws, 1962
Volume 651, Page 42   View pdf image (33K)
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42 LAWS OF MARYLAND [CH. 7

8. Teachers' Certificates, Salaries and Pensions", sub-heading
"Teachers' Retirement System", amending the formula applicable
to the payment of supplementary retirement payments to certain
retired State employees and retired public school teachers who are
members, respectively, of the State Employees' Retirement System
and of the Teachers Retirement System; PROVIDING THAT CER-
TAIN CONTRIBUTIONS MADE BY THE STATE TO LOCAL
RETIREMENT OR PENSION SYSTEMS OPERATED BY CER-
TAIN CITIES OR COUNTIES OF THIS STATE FOR TEACH-
ERS SHALL BE PAID TO THE TREASURERS OF SAID
CITIES AND COUNTIES, SUBJECT TO CERTAIN CONDI-
TIONS AND PROVISIONS, and relating generally to the amount
and payment of such supplementary payments; AND MAKING
SPECIAL PROVISION FOR THE PAYMENT OF THESE SUP-
PLEMENTAL PENSIONS UNDER CERTAIN CONDITIONS
DURING FISCAL 1963.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That Section 14(7) of Article 73B of the Annotated Code of Mary-
land (1957 Edition and 1961 Supplement), title "Pensions", sub-
title "In General", be and it is hereby repealed and re-enacted, with
amendments; and that Section 116(7) of Article 77 of said Code, title
"Public Education", sub-title "Chapter 8. Teachers' Certificates,
Salaries and Pensions", sub-heading "Teachers' Retirement System",
be and it is hereby repealed and re-enacted, with amendments, and
both to read as follows:

ARTICLE 73B

14(7) Supplementary payments. The board of trustees is hereby
authorized and directed, subject to the annual appropriation of the
necessary funds and in addition to those provided in accordance with
and in the same manner as that provided in subsections (1), (2),
(3), (4), (5), and (6), of this section, and subject to the conditions
hereinafter provided, to make a supplementary payment to any
beneficiary, or member who may be retired from service in the
future, in addition to the benefits provided in Section 11 of this
article, on the following basis:

(a) Which is not less than the rate of the supplementary payment
received by any beneficiary prior to July 1, [19593 1962, and

(b) Which, when added to the benefits provided pursuant to Section
11 of this article is not less than [$1, 380] $1600 per annum; pro-
vided, however, that the said beneficiary, or member who may be
retired from service in the future, is credited with 25 years of service,
and provided that any beneficiary, or member who may be retired
from service in the future, having less than 25 years of creditable
service shall have his supplemental payment reduced in proportion
to the ratio of the number of years creditable service divided by 25,
and provided that no such reduction shall be made for any beneficiary
or member who may be retired in the future who was retired for
disability, and

(c) Which is computed prorata on the basis of the following con-
densed table:


 

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Session Laws, 1962
Volume 651, Page 42   View pdf image (33K)
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