1116                             LAWS OF MARYLAND                       [CH. 437

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 28 of Article 73B of the Annotated Code of Maryland
(1967 Replacement Volume), title "Pensions," subtitle "Employees
of Municipal Corporations," be and it is hereby repealed and re-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
established by the municipal corporation. The withdrawal and
transferral shall become effective upon such date as shall be set by the
legislative body of the municipal corporation after it has notified the
board of trustees of the Employees' Retirement System of the with-
drawal. 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 retirement system and credited to the account of
the said officers or employees. The amount of reserve in the
Employees' Retirement System as a result of the previous contribu-
tions of the municipal corporation shall be determined for each with-
drawing 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 the said contri-
butions on the effective date shall be paid to the administrative board
of the local retirement system to be held in trust to provide retire-
ment benefits for the officers and employees transferred to the local
retirement system. From and after the effective date of the estab-
lishment 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' Retirement System. Notwithstanding anything
to the contrary in this Article, no municipal corporation or other
body or association participating in the Employees' Retirement
System shall be permitted to withdraw from said system for a period
of one year beginning July 1, 1969. BUT THIS PROHIBITION
SHALL NOT AFFECT, AND PERMISSION IS EXTENDED
FOR, SUPPLEMENTAL INDIVIDUAL OR GROUP WITH-
DRAWALS OF OFFICERS AND EMPLOYEES, AND THE
TRANSFER OF ASSETS FOR THE ACCUMULATED CON-
TRIBUTIONS AND APPROPRIATE RESERVES FOR SUCH
OFFICERS AND EMPLOYEES, TO ANY LOCAL RETIRE-
MENT SYSTEM WHICH WAS ESTABLISHED UNDER THIS
SECTION 28 PRIOR TO JANUARY 1, 1969, AND WITH RE-
SPECT TO WHICH WITHDRAWALS FROM THE STATE EM-
PLOYEES' RETIREMENT SYSTEM TO THE LOCAL SYS-
TEM HAD COMMENCED BY THAT DATE.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1969.

Approved May 2, 1969.