BLAIR LEE III, Acting Governor                         1489

held in trust to provide retirement benefits for the
officers and employees transferred to the local retirement
system. From and after the effective date of the
establishment of the local retirement system by the
municipal corporation, the municipal corporation and its
officers and employees shall not be required to make any
further contributions to the Employees' Retirement System
for the officers and employees electing to withdraw from
said Employees' Retirement System. [notwithstanding
anything to the contrary in this article, no municipal
corporation or other body or association participating in
the Employees' Retirement System shall be permitted to
withdraw from said system for a period of one year beginning
July 1, 1969 but this prohibition shall not affect, and
permission is extended for, supplemental individual or group
withdrawals of officers and employees, and the transfer of
assets for the accumulated contributions and appropriate
reserves for such officers and employees, to any local
retirement system which was established under this section
prior to January 1, 1969, and with respect to which
withdrawals from the State Employees' Retirement System to
the local system had commenced by that date.] Any
municipal corporation which withdraws its officers and
employees from the Employees' Retirement System as provided
in this section, or which reenters its officers and
employees into the Employees' Retirement System after having
withdrawn them, shall pay all administrative costs involved
in such withdrawal or reentry.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1978.

Approved May 2, 1978.

CHAPTER 374

(House Bill 1324)

AN ACT concerning

Public Service Commission — Just and Reasonable Rates

FOR the purpose of requiring "just and reasonable rates" for
public service companies to be rates which fully
consider and are consistent with the public good.

BY repealing and reenacting, with amendments,

Article 78 — Public Service Commission Law

Section 69(a)

Annotated Code of Maryland

(1975 Replacement Volume and 1977 Supplement)