BLAIR LEE III, Acting Governor

553

100. MORGAN STATE UNIVERSITY.

(A)  SHOULD THE BOARD OF REGENTS OF MORGAN STATE
UNIVERSITY ELECT, BY RESOLUTION, APPROVED BY THE BOARD OF
TRUSTEES OF THE RETIREMENT SYSTEM, TO HAVE THE MEMBERS OF
THE FACULTY OF THAT INSTITUTION, HEREINAFTER CALLED THE
FACULTY, ELIGIBLE FOR PARTICIPATION IN THE RETIREMENT
SYSTEM, THE TRUSTEES OF THE RETIREMENT SYSTEM SHALL SET A
DATE SUBSEQUENT THERETO, AS OF WHICH DATE PARTICIPATION MAY
BEGIN FOR MEMBERS OF THE FACULTY IN SERVICE ON THAT DATE,
AND AFTER WHICH PARTICIPATION SHALL BE REQUIRED OF NEW
ENTRANTS IN POSITIONS ON THE FACULTY OF THAT UNIVERSITY.
ANY MEMBER OF THE FACULTY 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 THE SERVICE AS PRIOR SERVICE IN A
MANNER SIMILAR TO THAT PROVIDED IN §85 OF THIS SUBTITLE,
FOR TEACHERS ENTITLED TO PRIOR SERVICE CREDIT. MEMBERS OF
THE FACULTY 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 FACULTY 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 THOSE MEMBERS OF THE
FACULTY FOR ANY SERVICE RENDERED BEFORE THE DATE OF
PARTICIPATION, WITH WHICH THEY ARE CREDITED, AND THAT
CONTRIBUTION, SUBJECT TO WHATEVER CORRESPONDING ADJUSTMENTS
AS MIGHT AFFECT THE "ACCRUED LIABILITY CONTRIBUTION" PAYABLE
BY THE STATE, SHALL BE PAYABLE ON ACCOUNT OF FACULTY 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 MORGAN STATE UNIVERSITY
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 FACULTY, THEN THE BOARD 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 FACULTY 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 THAT
DEFAULT, THE ACTUARY OF THE RETIREMENT SYSTEM SHALL