BLAIR LEE III, Acting Governor                          557

State while it was a college. Reference to the
board of trustees of the college are changed to
board of regents, the current term for the
governing board.

Only a very few technical changes in style are
made, such as substituting "means" for "shall
mean" in the definition section, "year" for
"annum", and "percent" for "per centum".

SECTION 4. AND BE IT FURTHER ENACTED, That a new
Section 110, to be under the new subtitle "Optional
Retirement System" be and it is hereby added to Art. 73B —
Pensions, of the Annotated Code of Maryland (1970
Replacement Volume and 1977 Supplement) to read as follows:

ARTICLE 73B - PENSIONS

OPTIONAL RETIREMENT SYSTEM

110. ADOPTION; COMPOSITION; ELECTIONS TO PARTICIPATE;
CONTRIBUTIONS; PAYMENT OF BENEFITS; ETC.

(A)    THE OPTIONAL RETIREMENT PROGRAM PROVIDED FOR IN
THIS SECTION MAI BE ADOPTED BY ANY OF THE FOLLOWING BOARDS
WITH RESPECT TO THE INSTITUTION OR INSTITUTIONS GOVERNED BY
THAT BOARD OR WITH RESPECT TO THAT BOARD'S OWN STAFF:

(1)   BOARD OF REGENTS OF THE UNIVERSITY OF MARYLAND;

(2)   BOARD OF TRUSTEES OF THE STATE UNIVERSITIES AND
COLLEGES;

(3)    BOARD OF TRUSTEES OF ST. MARY'S COLLEGE OF
MARYLAND;

(4)   STATE BOARD FOR COMMUNITY COLLEGES WITH RESPECT TO
ANY COMMUNITY COLLEGE OR REGIONAL COMMUNITY COLLEGE
ESTABLISHED UNDER TITLE 16 OF THE EDUCATION ARTICLE;

(5)   STATE BOARD FOR HIGHER EDUCATION; AND

(6)   BOARD OF REGENTS OF MORGAN STATE UNIVERSITY.

(B)    AN OPTIONAL RETIREMENT PROGRAM AUTHORIZED TO BE
ESTABLISHED AND MAINTAINED BY ANY OF THE GOVERNING BOARDS
SET FORTH IN SUBSECTION (A) OF THIS SECTION SHALL AUTHORIZE
THE PURCHASE OF CONTRACTS PROVIDING RETIREMENT AND DEATH
BENEFITS FOR ALL MEMBERS OF THE FACULTY AND ADMINISTRATIVE
OFFICERS OF THE PARTICULAR INSTITUTION OR INSTITUTIONS WHO
ARE EITHER MEMBERS OF OR ELIGIBLE FOR MEMBERSHIP IN THE
TEACHERS' RETIREMENT SYSTEM OF THE STATE OF MARYLAND,
HEREAFTER CALLED ELIGIBLE EMPLOYEES. UNDER THIS OPTIONAL
RETIREMENT PROGRAM, THE STATE AND THE PARTICIPANTS SHALL
CONTRIBUTE, TO THE EXTENT AUTHORIZED OR REQUIRED, TOWARD THE
PURCHASE OF CONTRACTS WHICH SHALL BE ISSUED TO AND BECOME
THE PROPERTY OF THE PARTICIPANTS.