HARRY HUGHES, Governor

121

MAY WITHDRAW ITS OFFICERS AND EMPLOYEES WHO CONSENT TO THE
WITHDRAWAL FROM THIS PENSION SYSTEM AND TRANSFER THESE
OFFICERS AND EMPLOYEES TO A LOCAL RETIREMENT SYSTEM
ESTABLISHED BY THE MUNICIPAL CORPORATION. THE WITHDRAWAL AND
TRANSFERRAL SHALL BECOME EFFECTIVE ONLY AT THE END OF THE
FISCAL YEAR, NAMELY, JUNE 30. AS OF THIS EFFECTIVE DATE,
THE AMOUNT OF THE ACCUMULATED CONTRIBUTIONS OF THE
WITHDRAWING OFFICERS AND EMPLOYEES OF THE MUNICIPAL
CORPORATION SHALL BE TRANSFERRED TO THE ADMINISTRATIVE BOARD
OF THE LOCAL RETIREMENT SYSTEM AND CREDITED TO THE ACCOUNT
OF THE OFFICERS OR EMPLOYEES. THE AMOUNT OF RESERVE IN THIS
PENSION SYSTEM AS A RESULT OF THE PREVIOUS CONTRIBUTIONS OF
THE MUNICIPAL CORPORATION SHALL BE DETERMINED FOR EACH
WITHDRAWING OFFICER AND EMPLOYEE ON THE EFFECTIVE DATE OF
TRANSFER AND THIS AMOUNT SHALL BE TRANSFERRED TO THE
ADMINISTRATIVE BOARD OF THE LOCAL RETIREMENT SYSTEM. THE
AGGREGATE AMOUNT OF THESE CONTRIBUTIONS ON THE EFFECTIVE
DATE SHALL BE PAID TO THE ADMINISTRATIVE BOARD OF THE LOCAL
RETIREMENT SYSTEM TO BE HELD IN TRUST TO PROVIDE RETIREMENT
BENEFITS FOR THE OFFICERS AND EMPLOYEES WHO ARE TRANSFERRED
TO THE LOCAL RETIREMENT SYSTEM. ON AND AFTER THE EFFECTIVE
DATE OF THE ESTABLISHMENT OF THE LOCAL RETIREMENT SYSTEM BY
THE MUNICIPAL CORPORATION, THE MUNICIPAL CORPORATION AND ITS
OFFICERS AND EMPLOYEES MAY NOT BE REQUIRED TO MAKE ANY
FURTHER CONTRIBUTIONS TO THIS PENSION SYSTEM FOR THE
OFFICERS AND EMPLOYEES WHO ELECT TO WITHDRAW FROM THIS
PENSION SYSTEM. ANY MUNICIPAL CORPORATION THAT WITHDRAWS
ITS OFFICERS AND EMPLOYEES FROM THIS PENSION SYSTEM AS
PROVIDED IN THIS SECTION, OR THAT REENTERS ITS OFFICERS AND
EMPLOYEES INTO THIS PENSION SYSTEM AFTER HAVING WITHDRAWN
THEM, SHALL PAY ALL ADMINISTRATIVE COSTS INVOLVED IN THE
WITHDRAWAL OR REENTRY.

139. RESERVED.

TEACHERS' PENSION SYSTEM

140. DEFINITIONS.

IN THIS SUBTITLE THE FOLLOWING WORDS HAVE THE MEANING
INDICATED.

(1)   "RETIREMENT SYSTEM" MEANS THE TEACHERS'
RETIREMENT SYSTEM OF THE STATE OF MARYLAND AS DEFINED IN §
82 OF THIS SUBTITLE.

(2)   "PENSION SYSTEM" MEANS THE PENSION SYSTEM FOR
TEACHERS OF THE STATE OF MARYLAND AS DEFINED IN § 141 OF
THIS SUBTITLE.

(3)   "PUBLIC SCHOOL" MEANS:

(A) ANY ELEMENTARY OR SECONDARY DAY SCHOOL THAT
IS CONDUCTED IN THE STATE UNDER THE AUTHORITY AND
SUPERVISION OF A COUNTY BOARD OF EDUCATION;