558

LAWS OF MARYLAND

Ch. 22

(C)   AN OPTIONAL RETIREMENT PROGRAM MAY BE A SEPARATE
SYSTEM OR FUND OR MAY BE A SYSTEM OR FUND WHICH PARTICIPATES
IN A LARGER SYSTEM OR FUND WITH RESPECT TO SOME OR ALL OF
THE BENEFITS PROVIDED THEREUNDER. THE BENEFITS TO BE
PROVIDED FOR OR ON BEHALF OF PARTICIPANTS UNDER THE OPTIONAL
RETIREMENT PROGRAM MAY BE PROVIDED THROUGH ANNUITY
CONTRACTS, BOTH FIXED AND VARIABLE IN NATURE OR IN
COMBINATION.

(D)   ELECTIONS TO PARTICIPATE IN AN OPTIONAL RETIREMENT
PROGRAM SHALL BE MADE AS FOLLOWS:

(1)   ELIGIBLE EMPLOYEES INITIALLY APPOINTED ON OR AFTER
THE EFFECTIVE DATE OF THE ESTABLISHMENT OF AN OPTIONAL
RETIREMENT PROGRAM SHALL ELECT (I) TO JOIN THE TEACHERS'
RETIREMENT SYSTEM OF THE STATE OF MARYLAND IN ACCORDANCE
WITH THE PROVISIONS OF LAW APPLICABLE THERETO OR (II) TO
PARTICIPATE IN THE OPTIONAL RETIREMENT PROGRAM ESTABLISHED
PURSUANT TO THIS SECTION. THIS ELECTION SHALL BE IN WRITING
AND FILED WITH THE TEACHERS' RETIREMENT SYSTEM AND WITH THE
EMPLOYING INSTITUTION AND SHALL BE EFFECTIVE AS OF THE DATE
OF ENTRY INTO SERVICE.

(2)   ELIGIBLE EMPLOYEES INITIALLY APPOINTED PRIOR TO
THE EFFECTIVE DATE OF THE ESTABLISHMENT OF AN OPTIONAL
RETIREMENT PROGRAM, WITHIN A PERIOD OF TIME PRESCRIBED BY
THE EMPLOYING INSTITUTION WHICH SHALL NOT EXCEED 80 DAYS
FROM THE EFFECTIVE DATE, MAY ELECT TO PARTICIPATE IN THE
OPTIONAL RETIREMENT PROGRAM. THE ELECTION SHALL BE IN
WRITING AND FILED WITH THE TEACHERS' RETIREMENT SYSTEM AND
WITH THE EMPLOYING INSTITUTION AND SHALL BECOME EFFECTIVE ON
THE FIRST DAY OF JULY COINCIDING WITH OR NEXT FOLLOWING THE
DATE OF THE ELECTION AND SHALL CONSTITUTE A WAIVER OF ALL
RIGHTS AND BENEFITS PROVIDED BY THE TEACHERS' RETIREMENT
SYSTEM, EXCEPT AS OTHERWISE PROVIDED.

(3)   ANY STATE EMPLOYEE WHO BECOMES ELIGIBLE TO ELECT
AN OPTIONAL RETIREMENT PROGRAM BY REASON OF (I) THE
CERTIFICATION OF THE POSITION HELD BY HIM AS PROFESSIONAL
STAFF PURSUANT TO §§ 81(2) AND (3), 99, OR 100 OF THIS
ARTICLE OR §§ 12-104(D), 14-104(D) , OR 16-105 OF THE
EDUCATION ARTICLE, OR (II) HIS APPOINTMENT, PROMOTION,
TRANSFER OR RECLASSIFICATION TO A POSITION PREVIOUSLY SO
CERTIFIED, MAY ELECT THE OPTIONAL RETIREMENT PROGRAM
ESTABLISHED PURSUANT TO THIS SECTION. THIS ELECTION SHALL
BE MADE IN WRITING AND FILED WITH THE RETIREMENT SYSTEM AND
WITH THE EMPLOYING INSTITUTION WITHIN 90 DAYS AFTER NOTICE
IN WRITING TO THE EMPLOYEE OF HIS ELIGIBILITY, AND SHALL
BECOME EFFECTIVE ON THE FIRST DAY OF JULY COINCIDING WITH OR
NEXT FOLLOWING THE DATE OF THE ELECTION AND SHALL CONSTITUTE
A WAIVER OF ALL RIGHTS AND BENEFITS PROVIDED BY THE
TEACHERS' RETIREMENT SYSTEM, EXCEPT AS OTHERWISE PROVIDED.

(4)   NO ELECTION BY AN ELIGIBLE EMPLOYEE OF AN OPTIONAL
RETIREMENT PROGRAM SHALL BE EFFECTIVE UNLESS IT IS
ACCOMPANIED BY AN APPROPRIATE APPLICATION, WHERE REQUIRED,
FOR THE ISSUANCE OF A CONTRACT OR CONTRACTS UNDER THE