HARRY HUGHES, Governor

201

136. RETIREMENT BENEFITS.

EMPLOYEES OF PARTICIPATING MUNICIPAL CORPORATIONS ON
BEHALF OF WHOM CONTRIBUTIONS ARE PAID AS HEREINABOVE
PROVIDED SHALL BE ENTITLED TO ALL THE BENEFITS UNDER THIS
PENSION SYSTEM FOR EMPLOYEES OF THE STATE AS THOUGH THEY
WERE STATE EMPLOYEES.

137. ELECTION TO RECEIVE ALLOWANCE ON TERMINATION OF TENURE
OR ABOLITION OF JOB.

NOTWITHSTANDING ANY OTHER PROVISION IN THIS SUBTITLE,
IF ANY OFFICER OR EMPLOYEE OF A PARTICIPATING MUNICIPAL
CORPORATION, WHILE HE IS A MEMBER OF THIS PENSION SYSTEM FOR
EMPLOYEES OF THE STATE, VACATES HIS POSITION BECAUSE OF THE
TERMINATION OF HIS TENURE BY ACT OF THE GENERAL ASSEMBLY OR
BECAUSE HIS JOB OR POSITION IS ABOLISHED BY ACT OF THE
LEGISLATIVE BODY OF THE PARTICIPATING MUNICIPAL CORPORATION
AFTER THE PERSON HAS 20 YEARS OF CREDITABLE SERVICE,
REGARDLESS OF AGE, MAY ELECT TO RECEIVE THE ALLOWANCE FOR
SERVICE RETIREMENT INSTEAD OF WITHDRAWING HIS ACCUMULATED
CONTRIBUTIONS. THE BOARD OF TRUSTEES SHALL INCLUDE ANY
ADDITIONAL AMOUNT REQUIRED TO PAY THE PENSION IN THE AMOUNT
CERTIFIED TO THE CHIEF FISCAL OFFICER OF THE PARTICIPATING
MUNICIPAL CORPORATION AS PROVIDED BY § 135 OF THIS SUBTITLE.
IF THE BENEFICIARY IS APPOINTED OR ELECTED TO ANY OFFICE,
THE SALARY OR COMPENSATION OF WHICH IS PAID BY THE STATE OR
BY A PARTICIPATING MUNICIPAL CORPORATION, HIS RETIREMENT
ALLOWANCE SHALL CEASE.

138. WITHDRAWAL FROM STATE SYSTEM AND TRANSFER TO LOCAL
RETIREMENT SYSTEM; PAYMENT OF ADMINISTRATIVE COSTS ON
WITHDRAWAL OR REENTRY.

THE LEGISLATIVE BODY OF ANY MUNICIPAL CORPORATION WHOSE
OFFICERS AND EMPLOYEES ARE MEMBERS OF THIS PENSION SYSTEM
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