MARVIN MANDEL, Governor

2705

(5) MARYLAND COUNCIL FOR HIGHER EDUCATION.

(B)    AN OPTIONAL RETIREMENT PROGRAM AUTHORIZED TO
BE ESTABLISHED AND MAINTAINED BY ANY OF THE GOVERNING
BOARDS SET FORTH IN (A) SHALL AUTHORIZE THE PURCHASE OF
CONTRACTS PROVIDING RETIREMENT AND DEATH BENEFITS FOR ALL
MEMBERS OF THE FACULTY AND ADMINISTRATIVE OFFICERS OF THE
PARTICULAR INSTITUTION OR INSTITUTIONS WHO ARE EITHER
MEMBERS OF OR ELIGIBLE FOR MEMBERSHIP IN THE TEACHERS'
RETIREMENT SYSTEM OF THE STATE OF MARYLAND, HEREAFTER
CALLED ELIGIBLE EMPLOYEES. UNDER THIS OPTIONAL
RETIREMENT PROGRAM, THE STATE AND THE PARTICIPANTS SHALL
CONTRIBUTE, TO THE EXTENT AUTHORIZED OR REQUIRED, TOWARD
THE PURCHASE OF CONTRACTS WHICH SHALL BE ISSUED TO AND
BECOME THE PROPERTY OF THE PARTICIPANTS.

(C)    AN OPTIONAL RETIREMENT PROGRAM MAY BE A
SEPARATE SYSTEM OR FUND OR MAY BE A SYSTEM OR FUND WHICH
PARTICIPATES IN A LARGER SYSTEM OR FUND WITH RESPECT TO
SOME OR ALL OF THE BENEFITS PROVIDED THEREUNDER. THE
BENEFITS TO BE PROVIDED FOR OR ON BEHALF OF PARTICIPANTS
UNDER THE OPTIONAL RETIREMENT PROGRAM MAY BE PROVIDED
THROUGH ANNUITY CONTRACTS, BOTH FIXED AND VARIABLE IN
NATURE OR IN COMBINATION.

(D)    ELECTIONS TO PARTICIPATE IN AN OPTIONAL
RETIREMENT PROGRAM SHALL BE MADE AS FOLLOWS:

(1)    ELIGIBLE EMPLOYEES INITIALLY APPOINTED
ON OR AFTER THE EFFECTIVE DATE OF THE ESTABLISHMENT OF AN
OPTIONAL RETIREMENT PROGRAM SHALL ELECT (I) TO JOIN THE
TEACHERS¹ RETIREMENT SYSTEM OF THE STATE OF MARYLAND IN
ACCORDANCE WITH THE PROVISIONS OF LAW APPLICABLE THERETO
OR (II) TO PARTICIPATE IN THE OPTIONAL RETIREMENT PROGRAM
ESTABLISHED PURSUANT TO THIS SECTION. THIS ELECTION
SHALL BE IN WRITING AND FILED WITH THE TEACHERS'
RETIREMENT SYSTEM AND WITH THE EMPLOYING INSTITUTION AND
SHALL BE EFFECTIVE AS OF THE DATE OF ENTRY INTO SERVICE.

(2)    ELIGIBLE EMPLOYEES INITIALLY APPOINTED
PRIOR TO THE EFFECTIVE DATE OF THE ESTABLISHMENT OF AN
OPTIONAL RETIREMENT PROGRAM, WITHIN A PERIOD OF TIME
PRESCRIBED BY THE EMPLOYING INSTITUTION WHICH SHALL NOT
EXCEED 80 DAYS FROM THE EFFECTIVE DATE, MAY ELECT TO
PARTICIPATE IN THE OPTIONAL RETIREMENT PROGRAM. THE
ELECTION SHALL BE IN WRITING AND FILED WITH THE TEACHERS'
RETIREMENT SYSTEM AND WITH THE EMPLOYING INSTITUTION AND
SHALL BECOME EFFECTIVE ON THE FIRST DAY OF JULY
COINCIDING WITH OR NEXT FOLLOWING THE DATE OF THE
ELECTION AND SHALL CONSTITUTE A WAIVER OF ALL RIGHTS AND
BENEFITS PROVIDED BY THE TEACHERS' RETIREMENT SYSTEM,
EXCEPT AS OTHERWISE PROVIDED.

(3)    ANY STATE EMPLOYEE WHO BECOMES ELIGIBLE