552

LAWS OF MARYLAND

Ch. 22

WITH WHICH THEY ARE CREDITED, AND THE CONTRIBUTION, SUBJECT
TO WHATEVER CORRESPONDING ADJUSTMENTS AS MIGHT AFFECT THE
"ACCRUED LIABILITY CONTRIBUTION" PAYABLE BY THE STATE, SHALL
BE PAYABLE ON ACCOUNT OF STAFF MEMBERS OF THE UNIVERSITY IN
LIEU OF THE RATE SET FOR OTHER TEACHERS, AND FOR A PERIOD OF
TIME EQUAL TO THE PERIOD OVER WHICH THE ACCRUED LIABILITY
CONTRIBUTION OF THE STATE IS PAYABLE. THE STATE'S
CONTRIBUTION, WHICH SHALL BE PAYABLE ON ACCOUNT OF ALL SUCH
MEMBERS IN THE UNIVERSITY, SHALL BE PAID BY THE BOARD OF
REGENTS OF THE UNIVERSITY OF MARYLAND FROM WHATEVER FUNDS AS
MAY BE AVAILABLE TO THE BOARD OF REGENTS.

(B)   SHOULD THE BOARD OF REGENTS FOR ANY REASON BECOME
FINANCIALLY UNABLE TO MAKE THE REQUIRED CONTRIBUTIONS
PAYABLE ON ACCOUNT OF ITS STAFF, THEN THEY SHALL BE DEEMED
TO BE IN DEFAULT AND A CERTIFICATE TO THIS EFFECT SHALL BE
SENT TO EACH MEMBER AND BENEFICIARY OF THE UNIVERSITY. ALL
MEMBERS OF THE RETIREMENT SYSTEM, WHO WERE MEMBERS OF THE
STAFF OF THE UNIVERSITY AT THE TIME OF DEFAULT, SHALL
THEREUPON BE ENTITLED TO DISCONTINUE MEMBERSHIP IN THE
RETIREMENT SYSTEM AND TO A REFUND OF THEIR ACCUMULATED
CONTRIBUTIONS UPON DEMAND MADE WITHIN 90 DAYS THEREAFTER.
AS OF A DATE 90 DAYS FOLLOWING THE DATE OF THE DEFAULT, THE
ACTUARY OF THE RETIREMENT SYSTEM SHALL DETERMINE BY
ACTUARIAL VALUATION THE AMOUNT OF THE RESERVES HELD ON
ACCOUNT OF EACH ACTIVE MEMBER AND PENSIONER OF THE
UNIVERSITY, AND SHALL CREDIT TO EACH SUCH MEMBER AND
PENSIONER THE AMOUNT OF RESERVE SO HELD. THE RESERVE SO
CREDITED, TOGETHER WITH THE AMOUNT OF THE ACCUMULATED
CONTRIBUTIONS OF EACH ACTIVE MEMBER, SHALL BE USED TO
PROVIDE A PAID UP DEFERRED ANNUITY BEGINNING AT AGE 60. THE
RESERVE OF EACH PENSIONER SHALL BE USED IN PROVIDING
WHATEVER PART OF HIS EXISTING PENSION AS THE RESERVE SO HELD
WILL PROVIDE, WHICH PENSION, TOGETHER WITH HIS ANNUITY,
SHALL THEREAFTER BE PAYABLE TO HIM. THE RIGHTS AND
PRIVILEGES OF BOTH ACTIVE MEMBERS AND PENSIONERS OF THE
UNIVERSITY SHALL THEREUPON TERMINATE EXCEPT AS TO THE
PAYMENT OF THE DEFERRED ANNUITIES SO PROVIDED FOR THE
PREVIOUS ACTIVE MEMBERS AND THE ANNUITIES AND THE PENSIONS,
OR PARTS THEREOF, PROVIDED FOR THE PENSIONERS.

(C)   NOTWITHSTANDING ANYTHING TO THE CONTRARY, THE
RETIREMENT SYSTEM SHALL NOT BE LIABLE FOR THE PAYMENT OF ANY
PENSIONS OR OTHER BENEFITS ON ACCOUNT OF THE STAFF OF THE
UNIVERSITY, FOR WHICH RESERVES HAVE NOT BEEN PREVIOUSLY
CREATED FROM FUNDS CONTRIBUTED BY THE UNIVERSITY OR ITS
MEMBERS FOR THE BENEFITS.

(D)  IN THE EVENT THE BOARD OF REGENTS ADOPTS AN
OPTIONAL RETIREMENT PROGRAM AS PROVIDED IN §110 OF THIS
ARTICLE, THOSE ELIGIBLE EMPLOYEES OF THE UNIVERSITY WHO
ELECTED TO PARTICIPATE IN THE OPTIONAL RETIREMENT PROGRAM
SHALL NOT PARTICIPATE IN THE TEACHERS' RETIREMENT SYSTEM FOR
ANY PERIOD IN WHICH THEY PARTICIPATE IN THE OPTIONAL
RETIREMENT PROGRAM. THEY SHALL BE ENTITLED TO NO BENEFITS
FROM THE TEACHERS' RETIREMENT SYSTEM EXCEPT WITH RESPECT TO
CONTRIBUTIONS THERETOFORE MADE AS PROVIDED IN §110 OF THIS
ARTICLE.