70                                         LAWS OF MARYLAND                                 Ch. 23

CHAPTER 23

(Senate Bill 394)

AN ACT concerning

Pensions - New Pension Systems for Employees and Teachers
and the Full Actuarial Funding of all the State's Systems

FOR the purpose of establishing a pension system for the
employees and a pension system for the teachers of the
State of Maryland; providing for transfers from the
Employees' Retirement System with a return of
contributions and the closing of membership into the
Employees' Retirement System; providing that no change
be made in benefits for members who remain in the
Employees' Retirement System; providing for the
determination of regular interest in the Annuity Fund;
providing for the full funding of the Employees'
Retirement System on an Accrued Benefit Actuarial Cost
Method; providing for transfers amongst actuarial
systems in Maryland; providing for the duties of the
Advisory Investment Committee; providing for the full
funding of the Judges' Pension Systems on an Accrued
Benefit Actuarial Cost Method; providing for transfers
from the Teachers' Retirement System with a return of
contributions and the closing of membership into the
Teachers' Retirement System; providing that no change
be made in benefits for members who remain in the
Teachers' Retirement System; providing for the
determination of regular interest in the Annuity Fund;
providing for the full funding of the Teachers'
Retirement System on an Accrued Benefit Actuarial Cost
Method; providing for members and contributions of the
Optional Retirement System; providing for the
establishment of the Pension System for the Employees
of the State of Maryland, its membership, eligibility
and creditable service, benefits, administration,
management of funds, fiduciaries, method of financing,
and other aspects; providing for municipal corporation
members; providing for the establishment of the Pension
System for the Teachers of the State of Maryland, its
membership, eligibility and creditable service,
benefits, administration, management of funds,
fiduciaries, method of financing, and other aspects;
providing for correctional officers; providing for the
determination of regular interest in the Annuity Fund;
and the full funding of the State Police Retirement
System on an Accrued Benefit Actuarial Cost Method;
providing for the effect of this Act on present
beneficiaries and members; and making other necessary
changes in the State pension and retirement laws.

BY repealing and reenacting, with amendments,