HARRY HUGHES, Governor

225

SUBSECTION TO THE STATE COMPTROLLER ON OR BEFORE THE LAST
DAY OF DECEMBER, FEBRUARY, MAY, AND SEPTEMBER. ON OR BEFORE
THE FIRST DAY OF JANUARY, MARCH, JUNE, AND OCTOBER, THE
COMPTROLLER SHALL DRAW A WARRANT ON THE STATE TREASURER FOR
THE RESPECTIVE AMOUNTS DUE THIS PENSION SYSTEM. ON RECEIPT
OF THE WARRANT OF THE COMPTROLLER, THE STATE TREASURER
IMMEDIATELY SHALL TRANSFER TO THIS PENSION SYSTEM THE
AMOUNTS DUE.

151. GUARANTY.

THE CREATION AND MAINTENANCE OF RESERVES IN THE
ACCUMULATION FUND, REGULAR INTEREST CREDITABLE TO THE FUNDS
AS PROVIDED IN § 150 OF THIS SUBTITLE, THE PAYMENT OF ALL
RETIREMENT ALLOWANCES, REFUNDS, AND OTHER BENEFITS GRANTED
UNDER THIS SUBTITLE, AND ALL EXPENSES IN CONNECTION WITH THE
ADMINISTRATION AND OPERATION OF THIS PENSION SYSTEM, ARE
OBLIGATIONS OF THE STATE. ALL INCOME, INTEREST, AND
DIVIDENDS DERIVED FROM DEPOSITS AND INVESTMENTS AUTHORIZED
BY THIS SUBTITLE SHALL BE USED FOR THE PAYMENT OF THESE
OBLIGATIONS OF THE STATE.

152. EXEMPTION FROM EXECUTION.

THE RIGHT OF A PERSON TO A RETIREMENT ALLOWANCE, TO THE
RETURN OF CONTRIBUTIONS, ANY OPTIONAL BENEFIT OR DEATH
BENEFIT, OR ANY OTHER RIGHT ACCRUING TO ANY PERSON UNDER
THIS SUBTITLE, AND THE MONEY IN THE VARIOUS FUNDS CREATED BY
THIS SUBTITLE, MAY NOT BE SUBJECT TO EXECUTION, GARNISHMENT,
ATTACHMENT, OR ANY OTHER PROCESS, AND SHALL BE UNASSIGNABLE
EXCEPT AS PROVIDED IN THIS SUBTITLE.

153. PROTECTION AGAINST FRAUD.

ANY PERSON WHO KNOWINGLY MAKES ANY FALSE STATEMENT OR
FALSIFIES OR PERMITS TO BE FALSIFIED ANY RECORD OF THIS
PENSION SYSTEM IN AN ATTEMPT TO DEFRAUD THIS SYSTEM, SHALL
BE GUILTY OF A MISDEMEANOR, AND SHALL BE PUNISHABLE UNDER
THE LAWS OF THE STATE OF MARYLAND. IF ANY CHANGE OR ERROR
IN THE RECORDS RESULTS IN ANY MEMBER OR BENEFICIARY
RECEIVING FROM THIS PENSION SYSTEM MORE OR LESS THAN HE
WOULD HAVE BEEN ENTITLED TO RECEIVE HAD THE RECORDS BEEN
CORRECT, THE BOARD OF TRUSTEES SHALL:

(1)   CORRECT THE ERROR; AND

(2)   AS FAR AS PRACTICABLE, ADJUST THE PAYMENT IN A
MANNER THAT THE ACTUARIAL EQUIVALENT OF THE BENEFIT TO WHICH
THE MEMBER OR BENEFICIARY WAS CORRECTLY ENTITLED SHALL BE
PAID.

154. LIMITATION ON MEMBERSHIP.

EXCEPT AS PROVIDED IN § 110 OF THIS ARTICLE, ANY OTHER
LAW THAT PROVIDES WHOLLY OR PARTLY AT THE EXPENSE OF THE
STATE OF MARYLAND FOR PENSIONS OR RETIREMENT BENEFITS FOR
TEACHERS OF THE STATE, THEIR SURVIVING SPOUSES, OR OTHER