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Session Laws, 1970
Volume 695, Page 724   View pdf image
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724                              Laws of Maryland                       Ch. 325


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 trans-
ferral shall become effective 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 munic-
ipal 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' Re-
tirement 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 retire-
ment system. The aggregate amount of the 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 Em-
ployees' 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 per-
mission is extended for, supplemental individual or group withdrawals
of officers and employees, and the transfer of assets for the accumu-
lated contributions and appropriate reserves for such officers and
employees, to any local retirement system which was established
under this section prior to January 1, 1969, and with respect to which
withdrawals from the State Employees' Retirement System to the
local system had commenced by that date. Any municipal corpora-
tion which withdraws its officers and employees from the Employ-
ees' Retirement System as provided in this section, or which re-enters
its officers and employees into the Employees' Retirement System
after having withdrawn them, shall pay all administrative costs
involved in such withdrawal or re-entry.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1970.

Approved April 22, 1970

(House Bill 52)

AN ACT to repeal and re-enact, with amendments, Sections 100 (b)
and (c) of Article 77 of the Annotated Code of Maryland (1969


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Session Laws, 1970
Volume 695, Page 724   View pdf image
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