5395
MONTGOMERY COUNTY

Maryland, the retirement system of an agency, political
subdivision, municipal corporation, or corporate body
authorized by the State of Maryland or the County to
perform governmental functions which is being operated on
an actuarial basis with contributions being made during
the active service of new members, computed to be
sufficient to provide the reserves needed to cover the
retirement benefits payable on their account may receive
membership credits upon becoming a member. Before
receiving all or part of credited service for prior
service under another retirement system, the member must
have five years of membership coverage under the
Employees' Retirement System of Montgomery County and
shall pay or cause to be paid the amount of money
determined necessary on the basis of an actuarial study.
The member must elect within thirty days of the fifth
anniversary date of membership to purchase all or part of
credited service for a period of prior qualified service
under one of the listed retirement systems, or on or
before October 1, 1974 for current members. There shall
be no County contribution for purchase of this service.
If the County Personnel Board approves the payment of
money due on an extended payment basis, interest of six
and one—half percent per annum shall be charged. There
shall be no crediting of service for any period under a
qualified retirement system for which the member is
receiving retirement pay or has vested rights.

(r) Other transfers to the County's Retirement
System. Any person who has not attained age sixty and is
a member of the retirement system of the Federal
Government of the United States or the retirement system
of a state or municipality within the United States which
is being operated on an actuarial basis with
contributions being made during the active service of new
members, computed to be sufficient to provide the
reserves needed to cover the retirement benefits payable
on their account may receive membership credits upon
becoming a member. Before receiving all or part of
credited service for prior service under another
retirement system, the member must have five years of
membership coverage under the Employees' Retirement
System of Montgomery County and shall pay or cause to be
paid the amount of money determined necessary on the
basis of an actuarial study. There shall be no County
contribution for purchase of this service. The member
must elect, within thirty days of the fifth anniversary
date of membership to purchase all or part of the
credited service for a period of prior qualified service
under one of the listed retirement systems, or on or
before October 1, 1974 for current members. If the
County Personnel Board approves the payment of money due
on an extended payment basis, interest of six and
one—half percent per annum shall be charged. There shall