2898

LAWS OF MARYLAND

Ch. 1008

AN ACT concerning

Teachers' Retirement Pensions — Payment
for Creditable Services

FOR the purpose of permitting a teacher who has contributed
to a voluntary retirement benefit to transfer that
money to pay for certain creditable services.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 85(7)

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Assembly of 1978) be repealed, amended, or enacted to read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

85.

(7) A member may receive credit towards eligibility
for benefits provided under §86 of this subtitle for
out-of-state public school teaching service, nonpublic
school teaching service or postsecondary teaching service up
to a maximum of ten years if the member files a claim for it
with the Board of Trustees and pays into the retirement
system an amount equal to the reserves required to fund the
additional allowance for whatever years of out—of—state
and/or nonpublic school teaching service or postsecondary
teaching service as he may claim. The member may pay for
the reserves on an installment basis by contributing not
less that 5 percent of current salary a year; OR BY
TRANSFERRING, UPON WRITTEN REQUEST TO THE BOARD OF TRUSTEES,
ANY PRICE CONTRIBUTIONS TO A VOLUNTARY RETIREMENT BENEFIT,
INCLUDING AN ADDITIONAL ANNUITY UNDER SECTION 89 1(D) OF
THIS ARTICLE, LESS ANY COSTS OF ADMINISTERING THAT BENEFIT.
The appropriate final adjustments shall be made in the year
in which the member retires. In the event a member dies in
active service while paying for credit, and if the credit
qualifies for benefits under §86(8)(b) of this subtitle, the
surviving spouse may pay for the appropriate final
adjustment for such out-of—state or public school teaching
or postsecondary teaching service as he may have claimed.

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

Approved May 29, 1978.