522

LAWS OF MARYLAND

Ch. 22

PARTICIPATION IN THE RETIREMENT SYSTEM.

(3) MEMBERS OF LOCAL FUNDS. —TEACHERS WHO ARE
MEMBERS AND THOSE WHO UNDER THE EXISTING LAW ARE ENTITLED TO
BECOME MEMBERS OF ANY FUND OPERATED FOR THE RETIREMENT OF
TEACHERS BY A CITY, COUNTY OR OTHER POLITICAL SUBDIVISION OF
THE STATE OF MARYLAND SHALL NOT BE ENTITLED TO MEMBERSHIP IN
THIS RETIREMENT SYSTEM UNLESS ON OR BEFORE A DATE NOT MORE
THAN ONE YEAR NEXT FOLLOWING THE ESTABLISHMENT OF THIS
RETIREMENT SYSTEM A MAJORITY OF THE MEMBERS OF SUCH FUND
SHALL INDICATE BY A NOTICE FILED WITH THE BOARD OF TRUSTEES
ON A FORM PRESCRIBED BY THE BOARD THAT THEY VOTE TO HAVE THE
PRIVILEGE TO PARTICIPATE IN THIS RETIREMENT SYSTEM. SHOULD
A MAJORITY OF THE MEMBERS OF ANY SUCH FUND SO VOTE, THEN THE
BOARD OF TRUSTEES OF THIS RETIREMENT SYSTEM SHALL ANNOUNCE
BY A NOTICE DULY FILED WITH THE PERSONS IN CHARGE OF THE
ADMINISTRATION OF SUCH FUND, THAT ON AND AFTER A CERTAIN
DATE TO BE SET BY THE BOARD OF TRUSTEES OF THIS RETIREMENT
SYSTEM NOT MORE THAN 30 DAYS NEXT SUCCEEDING THE DATE OF
THE MAJORITY VOTE, BUT NOT PRIOR TO THE DATE THIS SYSTEM IS
ESTABLISHED, ALL MEMBERS OF THAT FUND SHALL BE ELIGIBLE TO
PARTICIPATE IN THIS RETIREMENT SYSTEM. ALL MEMBERS OF SAID
FUND SHALL THEN BECOME MEMBERS OF THIS SYSTEM ON SUCH DATE,
UNLESS WITHIN 30 DAYS NEXT SUCCEEDING THEY SHALL ELECT NOT
TO BECOME MEMBERS. ALL NEW TEACHERS IN SAID CITY OR COUNTY
SHALL THEREAFTER BECOME MEMBERS OF THIS SYSTEM AS A
CONDITION OF THEIR EMPLOYMENT. ANY TEACHER ELIGIBLE TO
PARTICIPATE WHO SHALL ELECT NOT TO BECOME A MEMBER OF THIS
SYSTEM SHALL FILE WITH THE BOARD OF TRUSTEES ON THE FORM
PRESCRIBED BY THE BOARD AN ELECTION NOT TO BE COVERED IN THE
MEMBERSHIP OF THE SYSTEM AND A DULY EXECUTED WAIVER OF ALL
PRESENT AND PROSPECTIVE BENEFITS WHICH OTHERWISE WOULD INURE
TO HIM ON ACCOUNT OF HIS PARTICIPATION IN THE RETIREMENT
SYSTEM.

IF THE MAJORITY OF THE MEMBERS OF A RETIREMENT OR
PENSION FUND DO VOTE TO ENTER THIS RETIREMENT SYSTEM AS
DESCRIBED ABOVE, THE LOCAL FUND SHALL BE DISCONTINUED WITHIN
30 DAYS NEXT SUCCEEDING THE DATE OF THE MAJORITY VOTE, BUT
NOT PRIOR TO THE ESTABLISHMENT OF HIS THIS RETIREMENT
SYSTEM, THE PAYMENT OF ALL PENSIONS TO MEMBERS ON THE
PENSION ROLL AS OF THE DATE OF DISCONTINUANCE SHALL BECOME
AN OBLIGATION OF THE CITY OR COUNTY IN WHICH THE FUND WAS
OPERATED AND SHALL BE CONTINUED AND PAID BY SUCH CITY OR
COUNTY. THE MONIES AND SECURITIES OF THE FUND, NOT
EXCEEDING THE PRESENT VALUE OF THE PAYMENTS TO BE MADE ON
ACCOUNT OF ALL PENSIONS TO THE PENSIONERS ON THE ROLLS OF
THE FUND AS OF THE DATE OF DISCONTINUANCE SHALL BE
TRANSFERRED TO THE SAID CITY OR COUNTY AS AN OFFSET TO THE
PAYMENTS REQUIRED FOR THE EXISTING PENSION ROLL; AND THE
AMOUNT OF THE EXCESS OF THE MONIES AND SECURITIES OF THE
FUND OVER AND ABOVE THE PRESENT VALUE OF THE PAYMENTS TO BE
MADE ON ACCOUNT OF ALL PENSIONS TO PENSIONERS SHALL BE
DISTRIBUTABLE AMONG THE ACTIVE MEMBERS OF THE FUND AT THE
TIME OF ITS DISCONTINUANCE IN PROPORTION TO THE RESPECTIVE
CONTRIBUTIONS WHICH THEY HAD PREVIOUSLY MADE TO THE FUND,
PROVIDED THAT NO MEMBER SHALL RECEIVE MORE THAN HIS
ACCUMULATED CONTRIBUTIONS. IF THE DISTRIBUTABLE FUNDS ARE