2702

LAWS OF MARYLAND

[Ch. 556

shall be used to provide a paid up deferred annuity
beginning at age [sixty] 60 [[for him]].[, and the] THE
reserve of each pensioner shall be used in providing
[such] WHATEVER part of his existing pension as the
reserve so held will provide, which pension, together
with his annuity, shall thereafter be payable to him.
The rights and privileges of both active members and
pensioners of [such] THE University shall thereupon
terminate except as to the payment of the deferred
annuities so provided for the previous active members and
the annuities and the pensions, or parts thereof,
provided for the pensioners.

(C)    Notwithstanding anything to the contrary, the
retirement system shall not be liable for the payment of
any pensions or other benefits on account of the staff of
the University, for which reserves have not been
previously created from funds contributed by [such] THE
University or its members for [such] THE benefits.

(D)    IN THE EVENT THE BOARD OF REGENTS ADOPTS AN
OPTIONAL RETIREMENT PROGRAM AS PROVIDED IN SECTION 217 OF
THIS ARTICLE, THOSE ELIGIBLE EMPLOYEES OF THE UNIVERSITY
WHO ELECTED TO PARTICIPATE IN THE OPTIONAL RETIREMENT
PROGRAM SHALL NOT PARTICIPATE IN THE TEACHERS¹ RETIREMENT
SYSTEM FOR ANY PERIOD IN WHICH THEY PARTICIPATE IN THE
OPTIONAL RETIREMENT PROGRAM. THEY SHALL BE ENTITLED TO
NO BENEFITS FROM THE TEACHERS' RETIREMENT SYSTEM EXCEPT
WITH RESPECT TO CONTRIBUTIONS THERETOFORE MADE AS
PROVIDED IN SECTION 217 OF THIS ARTICLE.

211.

(A) Should the board of trustees of Morgan State
College elect, by resolution, approved by the board of
trustees of the retirement system, to have the members of
the faculty of [such] THAT institution, hereinafter
called the faculty, eligible for participation in the
retirement system, the trustees of the retirement system
shall set a date subsequent thereto, as of which date
participation may begin for members of the faculty in
service on [such] THAT date, and after which
participation shall be required of new entrants in
positions on the faculty of [such] THAT College. Any
member of the faculty 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] THE
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 faculty
entering the service after [such] THAT date shall be
credited with service in a manner similar to the credit