1754                                       LAWS OF MARYLAND                                    Ch. 636

entering into an agreement with the board of trustees of the
State Teachers' Retirement System, a county board of
education shall consider a proposal of at least one
commercial insurance carrier [and at least one sponsor of
a custodial account. This section does not preclude a
member from directing the State Teachers' Retirement—System
to transfer his—moneys under Section 403(b) of the Internal
Revenue Code, as amended from time to time, under the—State

Teachers' Retirement System to a commercial plan or

custodial account adopted by a local board of education.
The criteria for choosing a plan shall be the same for the
State Teachers' Retirement System, a commercial plan, and a
custodial account]. Such additional amounts so deposited
shall become a part of his accumulated contributions except
in the case of retirement, when they shall be treated as
excess contributions returnable to the member in cash or as
an annuity of equivalent actuarial value- The accumulated
contributions of the member withdrawn by him, or paid to his
estate or to his designated beneficiary in event of his
death as provided in this subtitle, shall be paid from the
Annuity Savings Fund. Upon the retirement of a member his
accumulated contributions shall be transferred from the
Annuity Savings Fund to the Accumulation Fund.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1979.

Approved May 29, 1979.

CHAPTER 637

(House Bill 1417)

AN ACT concerning

Teachers' Retirement Pensions — Payment for Creditable

Service

FOR the purpose of deleting a provision that permits a
teacher who has contributed to a voluntary retirement
benefit to transfer that money to pay for certain
creditable services; and correcting language.

BY repealing and reenacting, with amendments,

Article 73B — Pensions
Section 85(7)

Annotated Code of Maryland
(1978 Replacement Volume)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows: