MARVIN MANDEL, Governor                            2703

accorded to other teachers entering the membership of the
retirement system. After [such] THE date set for
participation, members of the faculty of the College
shall be considered in all other respects as to
contributions by then 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] THOSE members of the faculty for any
service rendered before the date of participation, with
which they are credited, and [such] THAT contribution,
subject to [such] WHATEVER corresponding adjustments as
might affect the "accrued liability contribution" payable
by the State, shall be payable on account of faculty
members of the College 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 College, shall be paid by the board of trustees of
Morgan State College from (such] WHATEVER funds as may be
available to [such] THE board of regents.

(B) Should [such] THE board of trustees for any
reason become financially unable to make the required
contributions payable on account of its faculty, then
[such] THE board [of trustees] shall be deemed to be in
default and a certificate to this effect shall be sent, to
each member and beneficiary of [such] THE College. All
members of the retirement system who were members of the
faculty of the College 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] THAT 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 College, 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, shall be used to provide a paid up
deferred annuity beginning at age [sixty] 60 for him, and
the reserve of each pensioner shall be used in providing
[such] WHATEVER part of his existing pension as the
reserve so held will provide, together with his annuity,
shall thereafter be payable to him. The rights and
privileges of both active members and pensioners of
[such] THE College shall thereupon terminate except as to
the payment of the deferred annuities so provided for the
previous active members and the annuities and the