976                                        LAWS OF MARYLAND                                Ch. 459

(e) When determining the amount of supplementary payments, the board of
trustees shall not consider any additional voluntary contributions by any employee
to his annuity savings account. ]

57.

Within sixty days following the date of establishment of the Retirement System,
the board of trustees shall determine the proportion of the funds of the State
Police pension fund therein which represent the amount of contributions made
thereto by members of such fund who have elected not to be covered in the
membership of the Retirement System, together with interest thereon at the rate of
four per centum per annum compounded annually, from the year each such
contribution was made to September I. 1949. Twice the amount so determined
shall be subtracted from the total amount of the cash and securities in the State
Police pension fund as of such date, and the remainder shall thereupon be
transferred to the [Pension 1 Accumulation Fund.

59.

The creation and maintenance of reserves in the [Pension] Accumulation Fund,
the maintenance of annuity reserves and pension reserves as provided for. and
regular interest creditable to the various funds as provided in § 56 of this subtitle,
and the payment of all pensions, annuities, retirement allowances, refunds and
other benefits granted under the provisions of this subtitle and all expenses in
connection with the administration and operation of this retirement system, are
hereby made obligations of the State. All income, interest and dividends derived
therefrom which, when combined with the regular amounts otherwise contributable
by the State, exceed the amount required to provide such obligations, shall be used
to reduce the regular appropriations otherwise required, except as otherwise
provided in § 56 [(3), ] (2) (j) of this article.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect July 1, 1973.

Approved May 21, 1973.

CHAPTER 460
(Senate Bill 939)

AN ACT to repeal and re-enact, with amendments. Sections 1, 3, 9(7), 11(3),
11(5), 11(9), 11(11), 11(15), 11A(e), 12(17), 13(2), 14, 15, 16, 26(b), and 27 of
Article 73B of the Annotated Code of Maryland (1970 Replacement Volume
and 1972 Supplement), title "Pensions," subtitles "In General," and
"Employees of Municipal Corporations," Sections 190, 192, 195(2), 195(4),
195(6), 195(8)(b), 195(10), 195A(e), 196(16), 197(2), 198, 199. and 205 of Article
77 of said Code (1969 Replacement Volume and 1972 Supplement), title
"Public Education," subtitle "Chapter 17. Teachers' Retirement System;" and
Sections 34A(e), 49, 51, 53(2), 53(4), 53(8), 53A(e), 54(17), 55(2), 56, 57, and 59
of Article 88B of said Code (1969 Replacement Volume and 1972 Supplement),
title "State Police," subtitles "Pensions," and "State Police Retirement
System," and to repeal Section 31A of said article, title, and subtitle; reducing
the rates of contributions by members of the State Employees', Teachers', and
State Police Retirement Systems, simplifying and modifying the accounting
procedures and modifying the accrued liability contribution rates with respect to