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1488 LAWS OF MARYLAND Ch. 372
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.
Approved May 2, 1978.
CHAPTER 373
(House Bill 1308)
AN ACT concerning
Employees' Retirement System — Withdrawals
FOR the purpose of deleting certain provisions that related
to withdrawals from the Employees' Retirement System by
specified persons during a certain time period.
BY repealing and reenacting, with amendments,
Article 73B - Pensions
Section 28
Annotated Code of Maryland
(1970 Replacement Volume and 1977 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:
Article 73B — Pensions
28.
The legislative body of any municipal corporation whose
officers and employees are members of the Employees'
Retirement System may elect to withdraw its officers and
employees who consent to such withdrawal from the Employees'
Retirement System and to transfer the said officers and
employees to a local retirement system established by the
municipal corporation. The withdrawal and transferral
shall become effective only at the end of the fiscal year,
namely, June 30th. As of this effective date the amount of
the accumulated contributions of the withdrawing officers
and employees of the municipal corporation shall be
transferred to the administrative board of the local
retirement system and credited to the account of the said
officers or employees. The amount of reserve in the
Employees' Retirement System as a result of the previous
contributions of the municipal corporation shall be
determined for each withdrawing officer and employee on the
effective date of transfer and such amount shall be
transferred to the administrative board of the local
retirement system. The aggregate amount of the said
contributions on the effective date shall be paid to the
administrative board of the local retirement system to be
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