BLAIR LEE III, Acting Governor

551

BOARD OF TRUSTEES SHALL CORRECT SUCH ERROR, AND AS FAR AS
PRACTICABLE, SHALL ADJUST THE PAYMENTS IN SUCH MANNER THAT
THE ACTUARIAL EQUIVALENT OF THE BENEFIT TO WHICH SUCH MEMBER
OR BENEFICIARY WAS CORRECTLY ENTITLED SHALL BE PAID.

98.  OTHER PROVISIONS FOR PENSIONS OR RETIREMENT BENEFITS
INAPPLICABLE; SOCIAL SECURITY.

EXCEPT AS PROVIDED IN §110 OF THIS ARTICLE, NO OTHER
PROVISION IN ANY OTHER STATUTE WHICH PROVIDES WHOLLY OR
PARTLY AT THE EXPENSE OF THE STATE OF MARYLAND FOR PENSIONS
OR RETIREMENT BENEFITS FOR TEACHERS OF THE STATE, THEIR
SURVIVING SPOUSES OR OTHER DEPENDENTS, SHALL APPLY TO
MEMBERS OR BENEFICIARIES OF THE RETIREMENT SYSTEM
ESTABLISHED BY THIS SUBTITLE, THEIR SPOUSES OR OTHER
DEPENDENTS, EXCEPT BENEFITS FROM SOCIAL SECURITY.

98A. POST COMPLIANCE AUDITS.

AT HIS DISCRETION, THE LEGISLATIVE AUDITOR MAY CONDUCT
AN ANNUAL AUDIT OF A FISCAL AND COMPLIANCE NATURE OF THE
ACCOUNTS AND TRANSACTIONS OF THE TEACHERS' RETIREMENT SYSTEM
IN PLACE OF CONDUCTING THESE AUDITS ON A BIENNIAL BASIS.
OFFICIALS OF THE TEACHERS' RETIREMENT SYSTEM SHALL BE
ADVISED WHETHER ANNUAL OR BIENNIAL AUDITS WILL BE CONDUCTED.

99.  UNIVERSITY OF MARYLAND.

(A) SHOULD THE BOARD OF REGENTS OF THE UNIVERSITY OF
MARYLAND ELECT, BY RESOLUTION, APPROVED BY THE BOARD OF
TRUSTEES OF THE RETIREMENT SYSTEM, TO HAVE THE MEMBERS OF
THE FACULTY AND STAFF OF THAT INSTITUTION, HEREINAFTER
CALLED THE STAFF, ELIGIBLE FOR PARTICIPATION IN THE
RETIREMENT SYSTEM, THE TRUSTEES OF THE RETIREMENT SYSTEM
SHALL SET A DATE SUBSEQUENT HERETO, AS OF WHICH DATE
PARTICIPATION MAY BEGIN FOR MEMBERS OF THE STAFF IN SERVICE
ON THAT DATE, AND AFTER WHICH PARTICIPATION SHALL BE
REQUIRED OF NEW ENTRANTS IN POSITIONS ON THE STAFF OF THE
UNIVERSITY. ANY MEMBER OF THE STAFF AS OF THAT DATE, OR WHO
WAS A MEMBER DURING THE YEAR NEXT PRECEDING, WHO ELECTS TO
BECOME A MEMBER OF THE RETIREMENT SYSTEM WITHIN THE FIRST
YEAR NEXT FOLLOWING, SHALL FILE A STATEMENT OF SERVICE PRIOR
TO THAT DATE AND BE CREDITED FOR THAT SERVICE AS PRIOR
SERVICE IN A MANNER SIMILAR TO THAT PROVIDED IN §8 5 OF THIS
SUBTITLE, FOR TEACHERS ENTITLED TO PRIOR SERVICE CREDIT.
MEMBERS OF THE STAFF ENTERING THE SERVICE AFTER THAT DATE
SHALL BE CREDITED WITH SERVICE IN A MANNER SIMILAR TO THE
CREDIT ACCORDED TO OTHER TEACHERS ENTERING THE MEMBERSHIP OF
THE RETIREMENT SYSTEM. AFTER THE DATE SET FOR
PARTICIPATION, MEMBERS OF THE STAFF OF THE UNIVERSITY SHALL
BE CONSIDERED IN ALL OTHER RESPECTS AS TO CONTRIBUTIONS BY
THEM AND BENEFITS PAYABLE TO THEM, OR ON THEIR ACCOUNT, AS
IF THEY WERE TEACHERS EMPLOYED IN A PUBLIC SCHOOL. THE
ACTUARY OF THE RETIREMENT SYSTEM SHALL DETERMINE UNDER THE
PROVISIONS OF SUBSECTION (3) OF §89 OF THIS SUBTITLE A
SPECIAL "ACCRUED LIABILITY CONTRIBUTION" SUFFICIENT TO COVER
THE ACCRUED LIABILITY ON ACCOUNT OF THE MEMBERS OF THE STAFF
FOR ANY SERVICE RENDERED BEFORE THE DATE OF PARTICIPATION,