118

LAWS OF MARYLAND

Ch. 23

(1)   IF 60 PERCENT OF THE MEMBERS OF ANY RETIREMENT OR
PENSION SYSTEM OF ANY MUNICIPAL CORPORATION, (HEREAFTER
REFERRED TO AS A LOCAL PENSION SYSTEM,) ELECT TO BECOME
MEMBERS OF THIS PENSION SYSTEM OF THE STATE, BY A PETITION
SIGNED BY THESE MEMBERS, THE PARTICIPATION OF THESE MEMBERS
IN THIS PENSION SYSTEM FOR EMPLOYEES OF THE STATE MAY BE
APPROVED BY THE LEGISLATIVE BODY OF THE MUNICIPAL
CORPORATION AS THOUGH THE LOCAL PENSION SYSTEM WERE NOT IN
OPERATION AND THIS SUBTITLE SHALL APPLY, EXCEPT THAT THE
EXISTING PENSIONERS OR ANNUITANTS OF THE LOCAL PENSION
SYSTEM WHO WERE BEING PAID PENSIONS ON THE DATE OF THE
APPROVAL SHALL BE CONTINUED AND PAID AT THEIR EXISTING RATES
BY THIS PENSION SYSTEM FOR EMPLOYEES OF THE STATE AND THE
LIABILITY ON THIS ACCOUNT SHALL BE INCLUDED IN THE
COMPUTATION OF THE ACCRUED LIABILITY BY THE ACTUARY AS
PROVIDED BY § 135 OF THIS SUBTITLE.

(2)   ANY CASH AND SECURITIES TO THE CREDIT OF THE
LOCAL PENSION SYSTEM SHALL BE TRANSFERRED TO THIS PENSION
SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND AS OF THE DATE
OF APPROVAL. THE TRUSTEES OR OTHER ADMINISTRATIVE HEAD OF
THE LOCAL PENSION SYSTEM AS OF THE DATE OF THE APPROVAL,
SHALL CERTIFY THE PROPORTION, IF ANY, OF THE FUNDS OF THE
LOCAL SYSTEM THAT REPRESENTS THE ACCUMULATED CONTRIBUTIONS
OF THE MEMBERS, AND THE RELATIVE SHARES OF THE MEMBERS AS OF
THAT DATE. THESE SHARES SHALL BE CREDITED TO THE RESPECTIVE
ANNUITY SAVINGS ACCOUNTS OF THE MEMBERS IN THIS PENSION
SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND. THE BALANCE
OF FUNDS TRANSFERRED TO THIS PENSION SYSTEM SHALL BE OFFSET
AGAINST THE ACCRUED LIABILITY BEFORE DETERMINING THE SPECIAL
ACCRUED LIABILITY CONTRIBUTION TO BE PAID BY THE MUNICIPAL
CORPORATION AS PROVIDED BY § 135 OF THIS SUBTITLE. THE
OPERATION OF THE LOCAL PENSION SYSTEM SHALL BE DISCONTINUED
AS OF THE DATE OF APPROVAL.

134. DUTIES OF CERTAIN FISCAL OFFICERS.

THE CHIEF FISCAL OFFICER OF EACH MUNICIPAL CORPORATION
THAT APPROVES THE INCLUSION OF ITS OFFICERS AND EMPLOYEES IN
THIS PENSION SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND
SHALL SUBMIT TO THE BOARD OF TRUSTEES OF THIS PENSION SYSTEM
THE INFORMATION AND SHALL CAUSE TO BE PERFORMED IN RESPECT
TO EACH OF THE EMPLOYEES OF THE MUNICIPAL CORPORATION THE
DUTIES THAT WOULD BE PERFORMED IN THE STATE SERVICE BY THE
HEAD OF A DEPARTMENT OF THE STATE EMPLOYING MEMBERS OF THIS
PENSION SYSTEM.

135. DUTIES OF ACTUARY; CONTRIBUTIONS TO FUNDS.

(1) THE ACTUARY OF THIS PENSION SYSTEM FOR EMPLOYEES
OF THE STATE SHALL COMPUTE THE CONTRIBUTIONS THAT THE STATE
WOULD PAY EACH YEAR ON BEHALF OF MEMBERS WHO ARE EMPLOYEES
OF A PARTICIPATING MUNICIPAL CORPORATION AS THOUGH THEY WERE
STATE EMPLOYEES. THE COMPUTED CONTRIBUTIONS SHALL BE
CERTIFIED BY THE BOARD OF TRUSTEES OF THIS PENSION SYSTEM TO
THE CHIEF FISCAL OFFICER OF EACH PARTICIPATING MUNICIPAL
CORPORATION. THE AMOUNTS THAT THE STATE WOULD PAY ON