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Session Laws, 1972
Volume 708, Page 2619   View pdf image
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Baltimore County                             2619

provided in this article, or any part thereof; or any member may de-
posit therein by a single payment or by an increased rate of contribu-
tion an amount computed to be sufficient to purchase an additional an-
nuity which, together with his prospective retirement allowance,
will provide for him a total retirement allowance not in excess of one-
half of his average final compensation at the normal service retire-
ment age. Such additional amounts so deposited shall receive interest
as the board shall elect to credit thereon, not in excess of interest at
the regular rate, and such amounts together with interest thereon
shall become a part of his accumulated contributions except in the
case of service or ordinary disability retirement when they shall be
treated as excess contributions returnable to the member in cash or as
an annuity of equivalent actuarial value.

(f) The accumulated contributions of a member withdrawn by
him, or paid to his estate or to his designated beneficiary in event of
his death, as provided in this article, shall be paid from the annuity
savings fund. Upon the retirement of a member, his accumulated
contributions shall be transferred from the annuity savings fund to
the pension accumulation [annuity reserve] fund.

Section 20-60. Same—Employer's contributions.

Not less than one hundred twenty days prior to the end of each
fiscal year,
[On or before the first day of November of each year]
the board of trustees shall certify to the county the amounts which
will become due and payable during the year next following to [each
of the funds of] the retirement system. The amounts thus ascer-
tained shall be included in the budget, and when appropriated shall
be immediately transferred to the retirement system by the director
of finance
[county treasurer].

Section 2. Be it further enacted by the County Council of Balti-
more County, Maryland,
that new Section 20-31.1 be and it is hereby
added to said Code, under said title and article, said new section to
read as follows:

Section 20-31.1. Members of the County Council.

(a) Any person who, on July 1, 1971 is or may thereafter be ap-
pointed or elected as a councilman on the County Council may elect
to contribute fifteen per cent of his earnable compensation on and af-
ter that date, and, in such event, shall become a member or continue
as a member of the retirement system and be eligible to receive the
benefits enumerated in this section on account of his service on the
County Council. Anything in this article to the contrary notwith-
standing, the benefits payable under this section shall be in lieu of any
and all pension benefits which may be payable under any retirement
system supported wholly or in part by the employer, or, in the alter-
native such member may at any time prior to his retirement transfer
his credit for service on the County Council to any group under this
retirement system, of which he is or may become a member. For the
purpose of this section, "service" shall mean service as an elected or
appointed councilman on the County Council for which he makes con-


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Session Laws, 1972
Volume 708, Page 2619   View pdf image
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