1244

LAWS OF MARYLAND

Ch. 356

Higher Education - Optional Retirement Program

FOR the purpose of extending eligibility in the optional
retirement program to certain employees of the
University of Maryland and certain employees of certain
other of the State universities and colleges of
Maryland, and to professional employees at community
colleges and regional community colleges; establishing
that membership in or eligibility for membership in
certain retirement or pension systems is a condition
for participation; and deleting certain obsolete
language.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 110(b)

Annotated Code of Maryland

(1978 Replacement Volume and 1979 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
be repealed, amended, or enacted to read as follows:

Article 73B - Pensions

110.

(b) (1) 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
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, hereafter called] THE PERSONS
LISTED UNDER THIS SUBSECTION AS 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.

(2) AN ELIGIBLE EMPLOYEE IS ANY PERSON WHO IS A
MEMBER OF OR ELIGIBLE FOR MEMBERSHIP IN THE EMPLOYEES'
RETIREMENT SYSTEM, THE PENSION SYSTEM FOR EMPLOYEES OF THE
STATE OF MARYLAND, THE TEACHERS' RETIREMENT SYSTEM, OR THE
PENSION SYSTEM FOR THE TEACHERS OF THE STATE OF MARYLAND AND
WHO IS:

(I)  A MEMBER OF THE FACULTY AT ANY OF THE
INSTITUTIONS SET FORTH IN SUBSECTION (A) OF THIS SECTION;

(II)  A PROFESSIONAL EMPLOYEE AT ANY
COMMUNITY COLLEGE OR REGIONAL COMMUNITY COLLEGE