166                                       LAWS OF MARYLAND                                 Ch. 24

JULY 1, 1980, THE ADDITIONAL LIABILITY SHALL BE FUNDED OVER
A PERIOD OF 30 YEARS FROM THE FIRST DAY OF JULY, COINCIDENT
WITH OR NEXT FOLLOWING THE EFFECTIVE DATE OF THE INCREASE.
THE RATE PERCENT SO DETERMINED SHALL BE KNOWN AS THE
"ACCRUED LIABILITY CONTRIBUTION" RATE.

(E)   THE TOTAL AMOUNT PAYABLE TO THE
ACCUMULATION FUND IN EACH YEAR AFTER THE FIRST YEAR
FOLLOWING THE DATE OF ESTABLISHMENT MAY NOT BE LESS THAN THE
SUM OF THE RATES PERCENT KNOWN AS THE NORMAL CONTRIBUTION
RATE AND THE ACCRUED LIABILITY CONTRIBUTION RATE, OF THE
TOTAL COMPENSATION EARNABLE BY ALL MEMBERS DURING THE
PRECEDING FISCAL YEAR, BUT THE AGGREGATE PAYMENT BY THE
STATE MUST BE SUFFICIENT, WHEN COMBINED WITH THE AMOUNT IN
THE ACCUMULATION FUND, TO PROVIDE THE ALLOWANCES AND OTHER
BENEFITS PAYABLE OUT OF THE FUND DURING THE YEAR THEN
CURRENT.

(F)   ALL INTEREST AND DIVIDENDS EARNED ON THE
FUNDS OF THE RETIREMENT SYSTEM SHALL BE CREDITED TO THE
ACCUMULATION FUND. EACH YEAR, THE BOARD OF TRUSTEES SHALL
ALLOW REGULAR INTEREST ON THE INDIVIDUAL ACCOUNTS OF MEMBERS
IN THE ANNUITY SAVINGS FUND AND TRANSFER THESE AMOUNTS FROM
THE ACCUMULATION FUND.

(G)   AS OF JULY 1, 1980, AND EACH JULY 1 AFTER,
THE ACTUARY SHALL DETERMINE THE PROPORTIONATE SHARE OF THE
ACCUMULATION FUND AS OF SAID DATE ALLOCABLE TO THOSE MEMBERS
OF THE RETIREMENT SYSTEM WHO FILED WITH THE BOARD OF
TRUSTEES AN EXECUTED WAIVER OF ALL BENEFITS UNDER THIS
RETIREMENT SYSTEM AND ELECTED TO TRANSFER TO THE PENSION
SYSTEM FOR TEACHERS OF THE STATE OF MARYLAND DURING THE
PREVIOUS 12 MONTHS. ASSETS OF THE ACCUMULATION FUND EQUAL
TO THIS PROPORTIONATE SHARE SHALL BE TRANSFERRED TO THE
ACCUMULATION FUND OF THE PENSION SYSTEM.

(H) ALL RETIREMENT ALLOWANCES AND ALL LUMP SUM
DEATH BENEFITS ON ACCOUNT OF DEATH IN ACTIVE SERVICE PAYABLE
FROM CONTRIBUTIONS OF THE STATE SHALL BE PAID FROM THE
ACCUMULATION FUND.

110.

(b) An optional retirement program authorized to be
established and maintained by any of the governing boards
set forth in subsection (a) of this section shall authorize
the purchase of contracts providing retirement and death
benefits for all members of the faculty and administrative
officers of the particular institution or institutions who
are either members of or eligible for membership in the
Teachers' Retirement System of the State of Maryland OR ON
OR AFTER JANUARY 1, 1980 THE PENSION SYSTEM FOR THE TEACHERS
OF THE STATE OF MARYLAND, hereafter called eligible
employees. Under this optional retirement program, the
State and the participants shall contribute, to the extent
authorized or required, toward the purchase of contracts
which shall be issued to and become the property of the
participants.