86

LAWS OF MARYLAND

Ch. 23

TO THIS PROPORTIONATE SHARE SHALL BE TRANSFERRED TO THE
ACCUMULATION FUND OF THE PENSION SYSTEM.

(H) ALL RETIREMENT ALLOWANCES AND ALL LUMP SUM
DEATH BENEFITS ON ACCOUNT OF DEATH IN ACTIVE SERVICE PAYABLE
FROM CONTRIBUTIONS OF THE STATE SHALL BE PAID FROM THE
ACCUMULATION FUND.

110.

(b) An optional retirement program authorized to be
established and maintained by any of the governing boards
set forth in subsection (a) of this section shall authorize
the purchase of contracts providing retirement and death
benefits for all members of the faculty and administrative
officers of the particular institution or institutions who
are either members of or eligible for membership in the
Teachers¹ Retirement System of the State of Maryland OR ON
OR AFTER JANUARY 1, 1980 THE PENSION SYSTEM FOR THE TEACHERS
OF THE STATE OF MARYLAND, hereafter called eligible
employees. Under this optional retirement program, the
State and the participants shall contribute, to the extent
authorized or required, toward the purchase of contracts
which shall be issued to and become the property of the
participants.

(d) Elections to participate in an optional
retirement program shall be made as follows:

(1)   Eligible employees initially appointed on
or after the effective date of the establishment of an
optional retirement program shall elect (i) to join the
Teachers' Retirement System of the State of Maryland OR ON
OR AFTER JANUARY 1, 1980 THE PENSION SYSTEM FOR THE TEACHERS
OF THE STATE OF MARYLAND in accordance with the provisions
of law applicable thereto or (ii) to participate in the
optional retirement program established pursuant to this
section. This election shall be in writing and filed with
the Teachers' Retirement System OR ON OR AFTER JANUARY 1,
1980 THE PENSION SYSTEM FOR THE TEACHERS OF THE STATE OF
MARYLAND and with the employing institution and shall be
effective as of the date of entry into service.

(2)   (I) Eligible employees initially
appointed prior to the effective date of the establishment
of an optional retirement program, within a period of time
prescribed by the employing institution which shall not
exceed 80 days from the effective date, may elect to
participate in the optional retirement program. The
election shall be in writing and filed with the Teachers'
Retirement System and with the employing institution and
shall become effective on the first day of July coinciding
with or next following the date of the election and shall

constitute a waiver of all rights and benefits provided by
the Teachers' Retirement System, except as otherwise
provided.