952                                        LAWS OF MARYLAND                                Ch. 459

all present and prospective benefits which would otherwise inure to him on account
of his participation in the retirement system.

(3) Members of local funds. —Teachers who are members and those who under
the existing law are entitled to become members of any fund operated for the
retirement of teachers by a city, county or other political subdivision of the State
of Maryland shall not be entitled to membership in this retirement system unless
on or before a date not more than one year next following the establishment of this
retirement system a majority of the members of such fund shall indicate by a
notice filed with the board of trustees on a form prescribed by the board that they
vote to have the privilege to participate in this retirement system. Should a
majority of the members of any such fund so vote, then the board of trustees of
this retirement system shall announce by a notice duly filed with the persons in
charge of the administration of such fund, that on and after a certain date to be set
by the board of trustees of this retirement system not more than thirty days next
succeeding the date of the majority vote, but not prior to the date this system is
established, all members of that fund shall be eligible to participate in this
retirement system. All members of said fund shall then become members of this
system on such date, unless within thirty days next succeeding they shall elect not
to become members. All new teachers in said city or county shall thereafter
become members of this system as a condition of their employment. Any teacher
eligible to participate who shall elect not to become a member of this system shall
file with the board of trustees on the form prescribed by the board an election not
to be covered in the membership of the system and a duly executed waiver of all
present and prospective benefits which otherwise would inure to him on account of
his participation in the retirement system.

If the majority of the members of a retirement or pension fund do vote to enter
this retirement system as described above, the local fund shall be discontinued
within thirty days next succeeding the date of the majority vote, but not prior to
the establishment of this retirement system, the payment of all pensions to
members on the pension roll as of the date of discontinuance shall become an
obligation of the city or county in which the fund was operated and shall be
continued and paid by such city or county. The moneys and securities of the fund,
not exceeding the present value of the payments to be made on account of all
pensions to the pensioners on the rolls of the fund as of the date of discontinuance
shall be transferred to the said city or county as an offset to the payments required
for the existing pension roll; and the amount of the excess of the moneys and
securities of the fund over and above the present value of the payments to be made
on account of all pensions to pensioners shall be distributable among the active
members of the fund at the time of its discontinuance in proportion to the
respective contributions which they had previously made to the fund, provided that
no member shall receive more than his accumulated contributions. If the
distributable funds are more than sufficient to provide each member with his
accumulated contributions, the excess shall be transferred to the said city, county,
or other political subdivision of the State.

(3a) Members and beneficiaries of employees' retirement system of Baltimore
City, --(a) Anything to the contrary notwithstanding, effective July 1, 1971, all
members and/or beneficiaries of the employees' retirement system of the City of
Baltimore who in the absence of the city system would have qualified for
membership or benefits hereunder shall become members and/or beneficiaries of
this State system.

(b) Commencing July 1, 1971, the board of trustees of this retirement system
and the board of trustees of the employees' retirement system of the City of
Baltimore shall proceed to implement as soon as practicable thereafter, and before
July 1, 1973, the administrative processes necessary for orderly transition of the
membership arrangements provided under this subsection. Within these time limits