BLAIR LEE III, Acting Governor

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MORE THAN SUFFICIENT TO PROVIDE EACH MEMBER WITH HIS
ACCUMULATED CONTRIBUTIONS, THE EXCESS SHALL BE TRANSFERRED
TO THE SAID CITY, COUNTY, OR OTHER POLITICAL SUBDIVISION OF
THE STATE.

(3A) MEMBERS AND BENEFICIARIES OF EMPLOYEES'
RETIREMENT SYSTEM OF BALTIMORE CITY. —(A) ANYTHING TO THE
CONTRARY NOT WITHSTANDING, EFFECTIVE JULY 1, 1971, ALL
MEMBERS AND/OR BENEFICIARIES OF THE EMPLOYEES' RETIREMENT
SYSTEM OF THE CITY OF BALTIMORE WHO IN THE ABSENCE OF THE
CITY SYSTEM WOULD HAVE QUALIFIED FOR MEMBERSHIP OR BENEFITS
HEREUNDER SHALL BECOME MEMBERS AND/OR BENEFICIARIES OF THIS
STATE SYSTEM.

(B)    COMMENCING JULY 1, 1971, THE BOARD OF TRUSTEES OF
THIS RETIREMENT SYSTEM AND THE BOARD OF TRUSTEES OF THE
EMPLOYEES' RETIREMENT SYSTEM OF THE CITY OF BALTIMORE SHALL
PROCEED TO IMPLEMENT AS SOON AS PRACTICABLE THEREAFTER, AND
BEFORE JULY 1, 1973, THE ADMINISTRATIVE PROCESSES NECESSARY
FOR ORDERLY TRANSITION OF THE MEMBERSHIP ARRANGEMENTS
PROVIDED UNDER THIS SUBSECTION. WITHIN THESE TIME LIMITS
THE BOARD OF TRUSTEES SHALL ARRANGE FOR THE COMMENCEMENT OF
THE PAYMENT OF RETIREMENT ALLOWANCES AND SUPPLEMENTARY
PAYMENTS TO TRANSFERRED BENEFICIARIES IN RECEIPT OF BENEFITS
IN SUCH AMOUNTS AS ARE PAYABLE FROM THE CITY SYSTEM,
CONSISTENT WITH THE PROVISIONS OF THIS SUBSECTION AND
ARTICLE. PROVIDED, HOWEVER, THAT THE SYSTEM FROM WHICH EACH
MEMBER OR BENEFICIARY IS TRANSFERRED HAS THE ABSOLUTE
OBLIGATION FOR AND SHALL PAY ANY AMOUNT TO WHICH THE MEMBER
OR BENEFICIARY WOULD HAVE BEEN ENTITLED UNDER THE PROVISIONS
OF THE LOCAL SYSTEM AS THEY EXIST AS OF JULY 1, 197 1, TO THE
EXTENT, IF ANY, THAT AMOUNT EXCEEDS WHAT IS PROVIDED UNDER
THIS ARTICLE.

(C)    THE RATE OF CONTRIBUTION PAYABLE UNDER THIS
RETIREMENT SYSTEM BY EACH TRANSFEREE WHO HAS NOT RETIRED
SHALL BE DETERMINED ON THE BASIS OF HIS AGE AND TIME OF
ENTRY INTO THE CITY SYSTEM.

(D)  THE ASSETS TRANSFERABLE FROM THE CITY SYSTEM TO THE
STATE SYSTEM SHALL BE DETERMINED ON A BASIS SATISFACTORY TO
BOTH BOARDS. THE TRANSFER SHALL INCLUDE THE ACTUARIAL VALUE
OF THE UNEXPENDED BALANCE OF THE STATE'S CONTRIBUTIONS TO
THE CITY SYSTEM WITH INTEREST TO THE DATE OF TRANSFER, THE
ACCUMULATED CONTRIBUTIONS OF ACTIVE MEMBERS, AND THE
ACTUARIAL VALUE OF THE ANNUITIES PAYABLE TO BENEFICIARIES AS
OF THE DATE OF TRANSFER. THE ASSETS SHALL BE TRANSFERRED ON
OR BEFORE JUNE 30, 1973. PRIOR TO THIS TRANSFER, THE CITY
SYSTEM SHALL DETERMINE AND ADVISE THE STATE SYSTEM THE
AMOUNT OF CONTRIBUTIONS, WITH INTEREST, MADE BY EACH ACTIVE
AND RETIRED CLASS "A" CITY TEACHER WHICH REPRESENTS THE
DIFFERENCE IN COST BETWEEN CLASS "A" AND CLASS "B"
MEMBERSHIP OF EACH CITY TEACHER. EFFECTIVE AS OF JULY 1,
1973 THE VALUE OF ANY DIFFERENCE DETERMINED UNDER THE
PRECEDING SENTENCE SHALL BE REFUNDED IN A SINGLE SUM TO EACH
ACTIVE OR RETIRED MEMBER OR TO HIS ESTATE, AS THE CASE MAY
BE, AND THE APPROPRIATE ADJUSTMENTS SHALL BE MADE IN THE
BALANCE OF EACH ACTIVE MEMBER'S ACCUMULATED CONTRIBUTIONS OR