MARVIN MANDEL, Governor                           2701

member of the staff as of [such] THAT date, or who was a
member during the year next preceding, who elects to
become a member of the retirement system within the first
year next following, shall file a statement of service
prior to [such] THAT date and be credited for [such] THAT
service as prior service in a manner similar to that
provided in § 194 of this article, for teachers entitled
to prior service credit. Members of the staff entering
the service after [such] THAT date shall be credited with
service in a manner similar to the credit accorded to
other teachers entering the membership of the retirement
system. After [such] THE date set for participation,
members of the staff of the University shall be
considered in all other respects as to contributions by
them and benefits payable to them, or on their account,
as if they were teachers employed in a public school.
The actuary of the retirement system shall determine
under the provisions of subsection (3) of § 198 of this
article a special "accrued liability contribution"
sufficient to cover the accrued liability on account of
[such] THE members of the staff for any service rendered
before the date of participation, with which they are
credited, and [such] THE contribution, subject to [such]
WHATEVER corresponding adjustments as might affect the
"accrued liability contribution" payable by the State,
shall be payable on account of staff members of the
University in lieu of the rate set for other teachers,
and for a period of time equal to the period over which
the accrued liability contribution of the State is
payable. The State's contribution, which [would] SHALL
be payable on account of all such members in the
University, shall be paid by the board of regents of the
University of Maryland from [such] WHATEVER funds as may
be available to [such] THE board of regents.

(B) Should [such] THE board of regents for any
reason become financially unable to make the required
contributions payable on account of its staff, then [such
board of regents] THEY shall be deemed to be in default
and a certificate to this effect shall be sent to each
member and beneficiary of [such] THE University. All
members of the retirement system, who were members of the
staff of the University at the time of default, shall
thereupon be entitled to discontinue membership in the
retirement system and to a refund of their accumulated
contributions upon demand made within [ninety] 90 days
thereafter. As of a date [ninety] 90 days following the
date of [such] THE default, the actuary of the retirement
system shall determine by actuarial valuation the amount
of the reserves held on account of each active member and
pensioner of [such] THE University, and shall credit to
each such member and pensioner the amount of reserve so
held. The reserve so credited, together with the amount
of the accumulated contributions of each active member,