Ch. 460                             MARVIN MANDEL, Governor                                    995

corporation, shall be payable in lieu of the accrued liability contribution payable
on account of other employees in the system. The expense of making such initial
valuation shall be assessed against and paid by the participating municipal
corporation on whose account it is necessary. [Notwithstanding the foregoing, the
unfunded accrued liability of each participating municipal corporation on March
31, 1960, shall be set as its pro rata share of the unfunded accrued liability of all
participating municipal corporations as shown by the actuarial valuation as of
March 31, 1960; and on and after July 1, 1960, the annual accrued liability
contribution of each participating municipal corporation shall be the flat annual
payment which will liquidate its unfunded liability as so determined in a period
equal to nineteen years reduced by the number of years for which payments were
made prior to July 1, 1960.1 On the basis of the actuarial valuation as of June 30,
[1969] 1973, the unfunded accrued liability of each participating municipal
corporation outstanding as of that date plus the additional accrued liability
resulting from the amendments effective July 1, [1969] 1973, shall be determined;
and on and after July 1, [1969] 1973, the annual accrued liability contribution of
each participating municipal corporation shall be the flat annual payment which
will liquidate its total unfunded accrued liability as so determined in a period of
thirty years from July 1, [19691 1973. The accrued liability contribution for any
municipal corporation hereafter participating shall be set on a basis to liquidate its
unfunded accrued liability in a period of thirty years. Any participating municipal
corporation may with the consent of the board of trustees liquidate its unfunded
accrued liability in a shorter period than thirty years.

27.

Employees of participating municipal corporations on behalf of whom
contributions are paid as hereinabove provided shall be entitled to all the benefits
under the Employees' Retirement System of the State as though they were State
employees; except THAT THE SERVICE RETIREMENT ALLOWANCE OF
such municipal employees shall [not] be REDUCED BY THE ADDITIONAL
PENSION DESCRIBED IN § 11(3)(D) OF THIS ARTICLE UNLESS THE
MUNICIPAL CORPORATION OF WHICH THEY ARE EMPLOYEES HAS
ELECTED TO HAVE THEM PARTICIPATE IN SAID ADDITIONAL
PENSION AND MAKES THE NECESSARY CONTRIBUTIONS
THEREFOR, [entitled to this benefit provided by § 11 (3) (e) of this article unless
the municipal corporation of which they are employees has elected to have them
participate in the benefit provided by § 11 (3) (e). 1 Elected or appointed officials
of participating municipal corporations on behalf of whom contributions are paid
as hereinabove provided shall be entitled to all the benefits and obligations under
the Employees' Retirement System of the State as though they were State elected
or appointed officials.

SECTION 2. AND BE IT FURTHER ENACTED, That 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 the Annotated Code of Maryland (1969 Replacement Volume
and 1972 Supplement), title "Public Education," subtitle "Chapter 17. Teachers'
Retirement System," be and they are hereby repealed and re-enacted, with
amendments, to read as follows:

190.

The following words and phrases as used in this subtitle unless a different
meaning is plainly required by the context shall have the following meanings:

(1) "Retirement system" shall mean the Teachers' Retirement System of the
State of Maryland as defined in § 191 of this article.