Ch. 460                             MARVIN MANDEL, Governor                                 1009

system together with a statement of the percentage of the payroll of all members,
which is equivalent to the total amount. To this amount the State Superintendent
of Schools shall add an amount equal to such percentage of the payroll of teachers
who are members of local retirement funds in the cities and counties of the State,
who are excluded from membership in this retirement system as provided in § 192
of this article, but (until June 30, 1969), not in excess of the percentage certified
for this retirement system, as such respective cities or counties may have
contributed during the biennium preceding, to their own retirement or pension
system on account of their teachers, which latter amount shall be paid to such
cities and counties; and beginning on July 1, 1969, as is determined by the actuary
of this retirement system on the basis of an actuarial valuation of the cost to such
subdivision of funding the same benefits as are provided under this retirement
system, which latter amount shall be paid to such cities and counties; the amounts
thus ascertained shall be included by the State Superintendent of Schools in his
budget estimate and shall be included in the budget bill which is submitted to the
General Assembly.

The State Superintendent of Schools shall certify one quarter of the amount so
ascertained for the year to the State Comptroller on or before the last day of
December, February, May and September. The Comptroller shall on or before the
first day of January, March, June and October draw a warrant or warrants on the
Treasurer of the State of Maryland for the respective amounts due the State
retirement system and the various cities and counties of the State which operate
local retirement or pension systems for teachers. On the receipt of the warrant of
the Comptroller, the Treasurer of the State of Maryland shall immediately transfer
to the State retirement system the amounts due and shall pay to the treasurer of
each city or county operating a local retirement or pension plan covering teachers
the amount due.

[(b) To cover the requirements of the system for the period prior to the first
day of October, nineteen hundred and twenty-nine, there is hereby authorized for
the Pension Accumulation Fund and for the Expense Fund the use of any funds
that may be provided therefor in an amendment or supplement to the budget, or in
a supplementary appropriation bill.

(c) Notwithstanding the provisions of § 192, subsection (3) of this article, from
and after July 1, 1968, any teacher who is newly employed by the City of
Baltimore and becomes eligible to join the Teachers' Retirement System, shall
become a member of said retirement system.]

[(7) The board of trustees is hereby authorized and directed, subject to the
annual appropriation of the necessary funds and in addition to those provided in
accordance with and in the same manner as that provided in subsections (1), (2),
(3), (4), (5), and (6), of this section, and subject to the conditions hereinafter
provided, to make a supplementary payment to any beneficiary who was retired
prior to July 1, 1971, in addition to the benefits provided in § 195 of this article,
on the following basis:

(a)  Which is not less than the rate of the supplementary payment received by
any beneficiary prior to July 1, 1962, and

(b)  Which, when added to the benefits provided pursuant to § 195 of this article
is not less than $2,000 per annum; provided, however that the said beneficiary is
credited with 25 years of service, and provided that any beneficiary having less
than 25 years of creditable service shall have his supplementary payment reduced
in proportion to the ratio of the number of years of creditable service divided by
25, and provided that no such reduction shall be made for any beneficiary who has
retired for disability prior to June 30, 1968, and