158

LAWS OF MARYLAND

Ch. 24

of an involuntary transfer of employment shall have both his
contributions and the employer's contributions transferred
to the system which he thus joins. The employer
contributions so transferred shall be an amount equal to the
employee's accumulated contributions as defined in
subsection (13) of § 1 of this article, unless an actuarial
valuation is requested by the administrative board of either
retirement system, in which case the cost of said valuation
shall be borne equally by the two systems. [The rate of
contribution for any employee so transferred on or after
July 1, 1965 shall be determined by his age when he joined
the original system.]

(b) Any employee who has been so transferred, [since
July 1, 1965,] whose rate of contribution is reduced or
increased [to the rate determined by his age when he joined
the original system,] shall have any excess contributions he
has made refunded to him and shall pay the amount of any
shortage of contributions.

33.

Upon becoming a member of the retirement system to
which he has transferred, such person shall thereafter pay
the rate of contribution applicable to a [new entrant at his
attained age] MEMBER and be eligible for such pension and
annuity as is provided by law in such retirement system,
including the credits for previous service in the retirement
system from which he has transferred as provided in § 32 of
this subtitle, with the condition, however, that if he
retires on a retirement allowance in the system to which he
transferred within five years after the transfer, the
benefits payable with respect to the service credit in the
system from which the transfer was made shall not be greater
than those which would have been payable with respect to
such service, had he remained in such system[; except that
any member who transfers between the Employees' Retirement
System of the State of Maryland and the Teachers' Retirement
System of the State of Maryland shall pay that rate of
contribution for his attained age at the time of his
original enrollment which was in effect at the time of his
enrollment in the system to which he is transferring; but if
such member had enrolled in the Teachers' Retirement System
prior to July 1, 1947, and is transferring from the
Teachers' Retirement System of the State of Maryland to the
Employees' Retirement System of the State of Maryland, he
shall pay at the rates adopted by the board of trustees of
the Employees' Retirement System of the State of Maryland on
July 1, 1947].

46.

(a) Three persons as provided hereinbelow shall be
members of and shall constitute the advisory investment
committee for the board of trustees of the Employees'
Retirement System of the State of Maryland, AND THE BOARD OF
TRUSTEES OF THE PENSION SYSTEM FOR THE EMPLOYEES OF THE