930                             LAWS OF MARYLAND                       CH. 497

of Municipal Corporations," be and it is hereby repealed and re-
enacted, with amendments, to read as follows:

28.

The legislative body of any municipal corporation whose officers
and employees are members of the Employees' Retirement System
may elect to withdraw its officers and employees who consent to such
withdrawal from the Employees' Retirement System and to transfer
the said officers and employees to a local retirement system estab-
lished by the municipal corporation. The withdrawal and transferral
shall become effective [upon such date as shall be set by the legisla-
tive body of the municipal corporation after it has notified the board
of trustees of the Employees' Retirement System of the withdrawal}
only at the end of the fiscal year, namely, June 30th. As of this
effective date the amount of the accumulated contributions of the
withdrawing officers and employees of the municipal corporation
shall be transferred to the administrative board of the local retire-
ment system and credited to the account of the said officers or em-
ployees. The amount of reserve in the Employees' Retirement System
as a result of the previous contributions of the municipal corporation
shall be determined for each withdrawing officer and employee on
the effective date of transfer and such amount shall be transferred
to the administrative board of the local retirement system. The
aggregate amount of said contributions on the effective date shall
be paid to the administrative board of the local retirement system
to be held in trust to provide retirement benefits for the officers and
employees transferred to the local retirement system. From and
after the effective date of the establishment of the local retirement
system by the municipal corporation, the municipal corporation and
its officers and employees shall not be required to make any further
contributions to the Employees' Retirement System for the officers
and employees electing to withdraw from said Employees' Retire-
ment System.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1968.

Approved May 7, 1968.

CHAPTER 497
(Senate Bill 29)

AN ACT to add new subsection 14(7) (g) to Article 73B of the An-
notated Code of Maryland (1967 Replacement Volume and 1967
Supplement), title "Pensions," subtitle "In General," to follow
immediately after subsection 14(7) (f) thereof; to add new sub-
section 116(7) (h) to Article 77 of the Annotated Code of Maryland
(1965 Replacement Volume and 1967 Supplement), title "Public
Education," subtitle "Chapter 8. Teachers' Certificates, Salaries
and Pensions," subheading "Teachers' Retirement System," to fol-
low immediately after subsection 116(7) (g) thereof; and to add
new subsection 56(7) (e) to Article 88B of the Annotated Code of