MARVIN MANDEL, Governor

2707

OF THE ELECTION FOR THE PURPOSE OF DETERMINING HIS
ELIGIBILITY FOR IMMEDIATE VESTED RIGHTS AND BENEFITS IN
THE TEACHERS' RETIREMENT SYSTEM. HOWEVER, ANY SUCH
PERSON SHALL NOT WITHDRAW HIS ACCUMULATED CONTRIBUTIONS
IN THE ANNUITY SAVINGS FUND AS LONG AS HE CONTINUES IN
THE EMPLOYMENT OF A STATE INSTITUTION WHOSE EMPLOYEES ARE
ELIGIBLE FOR MEMBERSHIP IN THE TEACHERS' RETIREMENT
SYSTEM. THESE BENEFITS SHALL BE COMPUTED ONLY ON THE
BASIS OF YEARS OF SERVICE OTHERWISE CREDITABLE TO HIM AS
A CONTRIBUTING MEMBER OF THE TEACHERS' RETIREMENT SYSTEM.

(G) A GOVERNING BOARD ADOPTING AN OPTIONAL
RETIREMENT PROGRAM SHALL DESIGNATE THE COMPANY FROM WHICH
CONTRACTS ARE TO BE PURCHASED UNDER THE OPTIONAL
RETIREMENT PROGRAM, AND SHALL APPROVE THE FORM AND
CONTENTS OF THE CONTRACTS. IN MAKING THE DESIGNATION AND
GIVING APPROVAL, THE BOARD SHALL GIVE DUE CONSIDERATION
TO THE FOLLOWING:

(1)    THE NATURE AND EXTENT OF THE RIGHTS AND
BENEFITS TO BE PROVIDED BY THE CONTRACTS FOR STAFF
MEMBERS AND THEIR BENEFICIARIES;

(2)    THE RELATION OF THOSE RIGHTS AND
BENEFITS TO THE AMOUNT OF CONTRIBUTIONS TO BE MADE;

(3)    THE SUITABILITY OF THE RIGHTS AND
BENEFITS TO THE NEEDS OF THE STAFF MEMBERS AND THE
INTERESTS OF THE INSTITUTIONS IN THE RECRUITMENT AND
RETENTION OF STAFF MEMBERS; AND

(4)    THE ABILITY OF THE DESIGNATED COMPANY
TO PROVIDE FOR SUITABLE RIGHTS AND BENEFITS UNDER THE
CONTRACTS.

(H) A GOVERNING BOARD ADOPTING AN OPTIONAL
RETIREMENT PROGRAM MAY PROVIDE FOR THE ADMINISTRATION OF
THE SYSTEM AND MAY AUTHORIZE THE PERFORMANCE OF WHATEVER
FUNCTIONS AS MAY BE NECESSARY FOR THOSE PURPOSES.

(I) ANY ELIGIBLE EMPLOYEE ELECTING TO PARTICIPATE
IN AN OPTIONAL RETIREMENT PROGRAM SHALL BE INELIGIBLE FOR
MEMBERSHIP IN THE TEACHERS' RETIREMENT SYSTEM OF THE
STATE OF MARYLAND SO LONG AS HE OR SHE IS EMPLOYED IN ANY
ELIGIBLE POSITION BY THE EMPLOYING INSTITUTION OR BY ANY
OTHER INSTITUTION ESTABLISHING AN OPTIONAL RETIREMENT
PROGRAM PURSUANT TO THIS SECTION. THE EMPLOYEE SHALL
PARTICIPATE IN THE OPTIONAL RETIREMENT PROGRAM OF THAT
INSTITUTION.

(J) NO RETIREMENT, DEATH OR OTHER BENEFIT UNDER AN
OPTIONAL RETIREMENT PROGRAM SHALL BE PAYABLE BY THE STATE
OF MARYLAND OR THE GOVERNING BOARD OF THE EMPLOYING