BLAIR LEE III, Acting Governor

2871

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

Approved May 29, 1978.

CHAPTER 997

(House Bill 288)

AN ACT concerning

State Teachers' Retirement System - Tax
Sheltered Annuities

FOR the purpose of permitting the State Teachers' Retirement

System to permit a local board of education to adopt a

tax sheltered plan through a custodial account with
investments in regulated investment company stock and
permitting a member of the State Teachers' Retirement
System to transfer certain money under the System to a
qualified, tax sheltered commercial plan or custodial
account adopted by a local board of education; and
generally relating to the State Teachers' Retirement
System.

BY repealing and reenacting, with amendments,

Article 73B — Pensions

Section 89(1)(d)

Annotated Code of Maryland

(As enacted by Chapter ____ of the Acts of the

General Assembly of 1978)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by Chapter ____ of the Acts of the General

Assembly of 1978) be repealed, amended, or enacted to read
as follows:

Article 73B — Pensions

89.

All of the assets of the retirement system shall be
credited according to the purpose for which they are held to
one of three funds, namely, the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(1) (d) In addition to the contributions
deducted from compensation as hereinbefore provided, subject
to the approval of the board of trustees, any member may
redeposit in the Annuity Savings Fund by a single payment or