2622                          County Local Laws

Section 3. Be it further enacted by the County Council of Balti-
more County, Maryland, That sections 20-19 (e), 20-56 and 20-58 of
said Code, title and article, be and they are hereby repealed.

Section 4. Be it further enacted by the County Council of Balti-
more County, Maryland, That subsections (a) (g) (h) (i) and (j) of
section 20-57 of said Code, title and article be and they are hereby re-
pealed; and that new subsections (a) (g) and (h), to said section
20-57, be and they are hereby enacted in lieu thereof, all to read as fol-
lows:

Section 20-57. Same—Pension accumulation fund.

(a) The pension accumulation fund shall be the fund in which
shall be accumulated all reserves for the payment of all pensions and
other benefits payable from contributions made by the employee and
amounts transferred from the annuity savings fund and from which
shall be paid all benefits payable under the system other than those
payable from the annuity savings fund. Contributions to and pay-
ments from the pension accumulation fund shall be made as follows:

(g) All benefits payable under the system other than those pay-
able from the annuity savings fund shall be payable from the pension
accumulation fund. Should a beneficiary be restored to membership,
his annuity reserve shall be transferred from the pension accumula-
tion fund to the annuity savings fund and credited to his individual
account therein.

(h) Notwithstanding any other provisions in this article to the
contrary, commencing as of January 1, 1967, there shall be estab-
lished within the pension accumulation fund a special subfund known
as the post retirement increase fund, in which shall be accumulated all
investment income received on and after January 1, 1967, which is in
excess of valuation requirements provided that the amount accumu-
lated in such subfund shall in no event exceed three times the amount
of the reserves necessary to provide a three per cent increase to all
beneficiaries then covered under section 20-31 of this Code. Upon the
granting of increases in retirement allowances as provided under sec-
tion 20-31 of this Code, the necessary reserves to provide such in-
creases shall be transferred from the special subfund to the regular
pension accumulation fund.

Section 5. Be it further enacted, That this Act shall take effect
forty-five days after its enactment.

Enacted: August 4, 1971.

BILL NO. 68

AN ACT to increase the rate for parking meters on county streets
and to raise the maximum amount to be retained by the county out
of the parking meter fund, for the cost of providing and maintain-