150

LAWS OF MARYLAND

Ch. 23

[(j)] (I) The board of trustees may in its
discretion for purposes of actuarial valuation adopt a
generally accepted method for determining the value of the
assets held by the retirement system, provided that for
general ledger accounting and financial reporting the board
of trustees will use generally accepted accounting
principles.

SECTION 3. AND BE IT FURTHER ENACTED, That it is the
intention of the General Assembly in adopting this Act that
any benefits which any beneficiary under the Employees'
Retirement System or the Teachers' Retirement System is
receiving prior to the effective date of this Act are not
affected, altered or changed in any manner by the adoption
of this Act. It is also the intention of the General
Assembly that nothing in this Act shall affect, alter or
change any of the rights or benefits of any person who is a
member of the Employees' Retirement System and the Teachers'
Retirement System on December 31, 1979 unless the member
exercises the choice of joining the new system created by
this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1979.

Approved April 10, 1979.

CHAPTER 24

(House Bill 636)

AN ACT concerning

Pensions - New Pension Systems for Employees and Teachers
and the Full Actuarial Funding of all the State's Systems

FOR the purpose of establishing a pension system for the
employees and a pension system for the teachers of the
State of Maryland; providing for transfers from the
Employees' Retirement System with a return of
contributions and the closing of membership into the
Employees' Retirement System; providing that no change
be made in benefits for members who remain in the
Employees' Retirement System; providing for the
determination of regular interest in the Annuity Fund;
providing for the full funding of the Employees'
Retirement System on an Accrued Benefit Actuarial Cost
Method; providing for transfers amongst actuarial
systems in Maryland; providing for the duties of the
Advisory Investment Committee; providing for the full
funding of the Judges' Pension Systems on an Accrued
Benefit Actuarial Cost Method; providing for transfers