HARRY HUGHES, Governor
81
SUBSEQUENT TO 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.
(5) THE TOTAL AMOUNT PAYABLE TO THE 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 FUND, TO
PROVIDE THE ALLOWANCES AND OTHER BENEFITS PAYABLE OUT OF THE
FUND DURING THE YEAR THEN CURRENT.
(6) ALL INTEREST AND DIVIDENDS EARNED ON THE
FUNDS OF THE NONCONTRIBUTORY PLAN FOR JUDGES SHALL BE
CREDITED TO THE FUND.
(7) ALL RETIREMENT ALLOWANCES SHALL BE PAID
FROM THE FUND.
83.
(8) (A) ANY PERSON WHO IS A MEMBER OF THE
RETIREMENT SYSTEM, ESTABLISHED BY THIS SUBTITLE, ON DECEMBER
31, 1979 SHALL CONTINUE TO BE A MEMBER UNLESS ON JANUARY 1,
1980 OR THE FIRST DAY OF ANY MONTH THEREAFTER THROUGH AND
INCLUDING JULY 1, 1980, OR ANY SUBSEQUENT JULY 1, HE BECOMES
A MEMBER OF THE PENSION SYSTEM FOR TEACHERS OF THE STATE OF
MARYLAND BY FILING WITH THE BOARD OF TRUSTEES AT LEAST 90
DAYS BEFORE, ON THE FORM THE BOARD REQUIRES, AN EXECUTED
WAIVER OF ALL BENEFITS WHICH MIGHT INURE TO HIM UNDER THIS
RETIREMENT SYSTEM.
(B) EXCEPT AS HEREINAFTER PROVIDED, ANY PERSON,
WHO IS NOT A MEMBER OF THE RETIREMENT SYSTEM ESTABLISHED
UNDER THIS SUBTITLE ON DECEMBER 31, 1979 OR WHO BECOMES A
TEACHER ON OR AFTER THAT DATE, MAY NOT BE ELIGIBLE FOR
MEMBERSHIP IN THIS RETIREMENT SYSTEM.
(9) ANY PERSON WHO IS A MEMBER OF THE RETIREMENT
SYSTEM, ESTABLISHED BY THIS SUBTITLE, ON DECEMBER 31, 1979
AND DOES NOT AT ANY TIME ELECT TO BE A MEMBER OF THE PENSION
SYSTEM FOR TEACHERS OF THE STATE OF MARYLAND, SHALL, AS A
CONDITION OF THAT PERSON'S EMPLOYMENT CONTRACT, BE ENTITLED
TO REMAIN A MEMBER OF THE RETIREMENT SYSTEM WITHOUT CHANGE
IN THE BENEFITS PROVIDED IN THE RETIREMENT SYSTEM AS OF
DECEMBER 31, 1979. ANY PERSON RECEIVING BENEFITS UNDER THE
PROVISIONS OF THIS SUBTITLE ON DECEMBER 31, 1979 SHALL
CONTINUE TO RECEIVE THE BENEFITS AS PROVIDED IN THE
RETIREMENT SYSTEM AS OF DECEMBER 31, 1979. THESE BENEFITS
SHALL INCLUDE BUT NOT BE LIMITED TO:
(A) THE ELIGIBILITY FOR SERVICE RETIREMENT UPON
COMPLETION OF 30 YEARS SERVICE OR ATTAINMENT OF AGE 60;
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