Ch. 460                             MARVIN MANDEL, Governor                                  999

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
the board of trustees shall arrange for the commencement of the payment of
retirement allowances and supplementary payments to transferred beneficiaries in
receipt of benefits in such amounts as are payable from the city system, consistent
with the provisions of this subsection and article. Provided, however, that the
system from which each member or beneficiary is transferred has the absolute
obligation for and shall pay any amount to which the member or beneficiary would
have been entitled under the provisions of the local system as they exist as of July
1, 1971, to the extent, if any, that amount exceeds what is provided under this
article.

(c)   The rate of contribution payable under this retirement system by each
transferee who has not retired shall be determined on the basis of his age and time
of entry into the city system.

(d)  The assets transferable from the city system to the State system shall be
determined on a basis satisfactory to both boards. The transfer shall include the
actuarial value of the unexpended balance of the State's contributions to the city
system with interest to the date of transfer, the accumulated contributions of active
members, and the actuarial value of the annuities payable to beneficiaries as of the
date of transfer. The assets shall be transferred on or before June 30, 1973. Prior
to this transfer, the city system shall determine and advise the State system the
amount of contributions, with interest, made by each active and retired Class "A"
city teacher which represents the difference in cost between Class "A" and Class
"B" membership of each city teacher.

(e)  In every case the effective date of the transfer and any adjustments related
thereto shall be as of June 30, 1971.

(f)  Any member of the Teachers' Retirement System of the State of Maryland
who transferred his credit from the employees' retirement system of the City of
Baltimore prior to July 1, 1971, from and after July 1, 1972, shall pay the rate of
contribution for his attained age of the time of his enrollment in the city system
which was in effect at the time of his enrollment in the State Teachers' System,
EXCEPT THAT SAID RATE SHALL NOT EXCEED 5% AS PROVIDED IN
§ 198(2)(A).

(4) Teachers who first elected not to become members—Subsequent election
prior to December 31, 1969. --A teacher whose membership in the retirement
system is contingent on his own election and who elected not to become a member,
may before December 31, 1969, apply for and be admitted to membership. Such