BLAIR LEE III, Acting Governor

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and at the request of the Secretary of Health and Mental
Hygiene, I have decided to veto Senate Bill 538.

Sincerely,
Blair Lee III
Acting Governor

Senate Bill No. 547 - State Teachers' Retirement System —
Tax Sheltered Annuities

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.

May 29, 1978
Honorable Steny H. Hoyer
President of the Senate
State House
Annapolis, Maryland 21404

Dear Mr. President:

In accordance with Article II, Section 17 of the
Maryland Constitution, I have today vetoed Senate Bill 547.

This bill permits 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.

House Bill 288 which was enacted by the General
Assembly and signed by me on May 29, 1978 accomplishes the
same purpose.

Therefore it is unnecessary for me to sign Senate Bill
547.