5498

COUNTY LOCAL LAWS

in the Armed Forces of the United States up to a maximum
of forty—eight months. This option must be exercised by
a member with five or more years of qualified service by
December 31, 1974. Thereafter this option must be
exercised by a member within thirty days prior to or
immediately following the fifth anniversary of continuous
service.

(p) Transfers to County Retirement System
from retirement systems in the State of Maryland. Any
person who had membership in the Employees' Retirement
System of the State of Maryland, the Teachers' Retirement
System of the State of 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 the member's
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 Chief Administrative Officer 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) Transfers to County Retirement System
from the retirement system of the Federal Government, a
municipality or another state. Any person who had
membership in 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 the member's 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