3132

COUNTY LOCAL LAWS

municipal corporation or a corporate body authorized
by the State of Maryland or the County to perform
governmental functions which is being operated on an
actuarial basis with contributions being made during
the active service of new members which are computed
to be sufficient to provide the reserves needed to
cover the retirement benefits payable on their
account. Such member's contributions with credited
interest and the employer's contributions with
credited interest shall be transferred to the
retirement system under which the employee will be
covered in his new position. Except when a specific
exception is made thereto, such transfers may not
become effective without the execution of an agreement
of reciprocity.

(r) Other transfers to the County's retirement
system. Any person who has not attained his sixtieth
(60) birthday and who is a member of the retirement
system of the Federal Government of the United States
or the retirement system of a state of municipality
within the United States which is being operated on an
actuarial basis with contributions being made during
the active service of new members which are computed
to be sufficient to provide the reserves needed to
cover the retirement benefits payable on their account
may transfer his membership to the Employees'
Retirement System of Montgomery County upon accepting
employment with the Montgomery County Government or
upon assuming full-time elective office. Before
receiving such credited service for prior service
under another retirement system, the member shall pay
or cause to be paid into the Employees' Retirement
System of Montgomery County that amount of money
determined by the County Personnel Board and its
actuary to purchase in full this credited service.
There shall be no Ccunty contributions toward the
purchase of such service. Whenever such employee
enters the Retirement System of Montgomery Ccunty, he
must elect within thirty (30) days to purchase
credited service for a period of prior qualified
service under one of the retirement systems covered
hereinabove. Except when a specific exception is made
thereto, such transfers may not become effective
without the execution of an agreement of reciprocity.
If the County Personnel Board approves the payment of
money due on an extended payment basis, interest of
not less than six and one—half percent (6 1/2%) per
annum shall be charged. There shall be no crediting
of service under the Employees' Retirement System of