J. MILLARD TAWES, Governor                     869

CHAPTER 510
(Senate Bill 21)

AN ACT to add a new Section 11 (13) to Article 73B of the Anno-
tated Code of Maryland (1957 Edition and 1965 Supplement),
title "Pensions," subtitle "In General" and to add a new Section
113 (10) to Article 77 of the said Code, title, "Public Education,"
subtitle "Chapter 8. Teachers' Certificates, Salaries and Pensions,"
subheading "Teachers' Retirement System," to provide for a vested
retirement allowance in the Employees' and Teachers' retirement
systems upon separation from service after 20 years of creditable
service.

Section 1. Be it enacted by the General Assembly of Maryland,
That a new section be and it is hereby added to Article 73B of the
Annotated Code of Maryland (1957 Edition and 1965 Supplement),
title "Pensions," subtitle "In General," said new section to follow
immediately after Section 11 (12), and to be known as Section 11
(13), and to read as follows:

11.

(13) Vested Retirement Benefit—Anything in this Article to the
contrary notwithstanding any member whose service is terminated
other than by death or retirement after he has rendered twenty or
more years of creditable service may elect to receive a vested retire-
ment allowance in lieu of the return of his accumulated contributions.
The vested retirement allowance shall be a deferred allowance com-
mencing at age sixty and shall consist of:

(a)    An annuity which shall be the actuarial equivalent of the
member's accumulated contributions at age sixty; and

(b)    A pension computed as provided under paragraphs (b), (c)
and (e) of Section 11 (3) of this Article on the basis of his creditable
service and average final compensation at the time his service is
terminated.

Should the member who has elected a vested retirement allowance
request the return of his contributions or die prior to the date when
the first payment of his retirement allowance becomes normally due,
the amount of his accumulated contributions shall be returned and no
further benefit shall be due or become payable on account of his
previous membership.

Sec. 2. And be it further enacted, That a new section be and it is
hereby added to Article 77 of the said Code, title "Public Education,"
subtitle "Chapter 8. Teachers' Certificates, Salaries and Pensions,"
subheading "Teachers' Retirement System," said new section to
follow immediately after Section 113 (9) and to be known as Section
113 (10), and to read as follows:

113.

(10) Vested Retirement Benefit—Anything in this Article to the
contrary notwithstanding, any member whose service is terminated
other than by death or retirement after he has rendered twenty or