120

LAWS OF MARYLAND

Ch. 23

DAYS AFTER THE RECEIPT OF THE CERTIFICATE AND DEDUCTIONS
FROM COMPENSATION OF EMPLOYEES SHALL BE PAID IN ACCORDANCE
WITH § 122(1)(C) OF THIS SUBTITLE. ANY PARTICIPATING
MUNICIPAL CORPORATION THAT FAILS TO PAY THE AMOUNTS
CERTIFIED UNDER THIS SECTION WITHIN THE TIME REQUIRED BY LAW
IS LIABLE FOR A PENALTY OF 10 PERCENT OF THE AMOUNTS DUE.
HOWEVER, THE SECRETARY OF THE BOARD MAY ALLOW A GRACE PERIOD
NOT TO EXCEED 10 ADDITIONAL CALENDAR DAYS. ALL AMOUNTS DUE
AND UNPAID ON THE DATE OF PAYMENT ALSO SHALL BEAR INTEREST
AT THE RATE OF 10 PERCENT A YEAR UNTIL THE DATE OF PAYMENT.
THE STATE COMPTROLLER, ON NOTIFICATION BY THE SECRETARY THAT
A DELINQUENCY EXISTS, IMMEDIATELY SHALL EXERCISE THE RIGHT
OF SETOFF AGAINST ANY MONEY DUE OR TO BECOME DUE TO THE
DELINQUENT PARTICIPATING MUNICIPAL CORPORATION.

(6) ON RECEIPT OF THE PAYMENTS FROM THE TREASURER OR
OTHER OFFICER OF EACH PARTICIPATING MUNICIPAL CORPORATION,
THE CUSTODIAN OF THE FUNDS OF THIS PENSION SYSTEM FOR
EMPLOYEES OF THE STATE, SHALL CREDIT THESE AMOUNTS TO THE
APPROPRIATE FUND OR ACCOUNT OF THIS PENSION SYSTEM.

136. RETIREMENT BENEFITS.

EMPLOYEES OF PARTICIPATING MUNICIPAL CORPORATIONS ON
BEHALF OF WHOM CONTRIBUTIONS ARE PAID AS HEREINABOVE
PROVIDED SHALL BE ENTITLED TO ALL THE BENEFITS UNDER THIS
PENSION SYSTEM FOR EMPLOYEES OF THE STATE AS THOUGH THEY
WERE STATE EMPLOYEES.

137. ELECTION TO RECEIVE ALLOWANCE ON TERMINATION OF TENURE
OR ABOLITION OF JOB.

NOTWITHSTANDING ANY OTHER PROVISION IN THIS SUBTITLE,
IF ANY OFFICER OR EMPLOYEE OF A PARTICIPATING MUNICIPAL
CORPORATION, WHILE HE IS A MEMBER OF THIS PENSION SYSTEM FOR
EMPLOYEES OF THE STATE, VACATES HIS POSITION BECAUSE OF THE
TERMINATION OF HIS TENURE BY ACT OF THE GENERAL ASSEMBLY OR
BECAUSE HIS JOB OR POSITION IS ABOLISHED BY ACT OF THE
LEGISLATIVE BODY OF THE PARTICIPATING MUNICIPAL CORPORATION
AFTER THE PERSON HAS 20 YEARS OF CREDITABLE SERVICE,
REGARDLESS OF AGE, MAY ELECT TO RECEIVE THE ALLOWANCE FOR
SERVICE RETIREMENT INSTEAD OF WITHDRAWING HIS ACCUMULATED
CONTRIBUTIONS. THE BOARD OF TRUSTEES SHALL INCLUDE ANY
ADDITIONAL AMOUNT REQUIRED TO PAY THE PENSION IN THE AMOUNT
CERTIFIED TO THE CHIEF FISCAL OFFICER OF THE PARTICIPATING
MUNICIPAL CORPORATION AS PROVIDED BY § 135 OF THIS SUBTITLE.
IF THE BENEFICIARY IS APPOINTED OR ELECTED TO ANY OFFICE,
THE SALARY OR COMPENSATION OF WHICH IS PAID BY THE STATE OR
BY A PARTICIPATING MUNICIPAL CORPORATION, HIS RETIREMENT
ALLOWANCE SHALL CEASE.

138. WITHDRAWAL FROM STATE SYSTEM AND TRANSFER TO LOCAL
RETIREMENT SYSTEM; PAYMENT OF ADMINISTRATIVE COSTS ON
WITHDRAWAL OR REENTRY.

THE LEGISLATIVE BODY OF ANY MUNICIPAL CORPORATION WHOSE
OFFICERS AND EMPLOYEES ARE MEMBERS OF THIS PENSION SYSTEM