HARRY HUGHES, Governor                             2121

retirement allowance, and once in every 3-year period
thereafter,] the board of trustees may, and on his
application shall, require any disability beneficiary who is
under the age of 62 to Undergo a medical examination. The
examination shall be made at the residence or the
beneficiary or any other place mutually agreed on, by the
physician designated by the board of trustees. If a
disability beneficiary who is under the age of 62 refuses to
submit to the medical examination, his allowance may be
discontinued until he withdraws the refusal. If his refusal
continues for 1 year, all his rights in and to his pension
may be revoked by the board of trustees.

141.

A pension system is established and placed under the
management of the board of trustees to provide retirement
allowances and other benefits, under this subtitle, for
teachers of the State of Maryland. This pension system
shall be established as of January 1, 1980, and it shall be
part of the Department of Personnel. It shall have the
powers and privileges of a corporation, and shall be known
as the "pension System for Teachers of the State of
Maryland," and by this name shall transact all of its
business. The board of trustees may authorize the State
Treasurer to place securities held by the board in the name
of a partnership to be formed under the laws of Maryland for
the sole purpose of holding these securities as the nominee
of the board of trustees. The partnership shall consist of
three partners: the State Treasurer, the chief deputy
treasurer, and the investment administrator, any one of whom
may execute documents on behalf of the partnership that may
be necessary or proper to transfer any of these securities.
The articles of partnership and any agreement between the
partnership and the board of trustees shall be prepared by
the Attorney General and shall provide that the partnership
may act only as the agent of the board of trustees, and
shall contain any other terms and conditions that the
Attorney General considers appropriate. The partnership may
enter into agreements with any bank or other financial
institution to guarantee the signatures made on behalf of
the partnership OR TO FACILITATE TRANSACTION SETTLEMENTS AND
TRANSFERS THROUGH PARTICIPATION IN CENTRAL SECURITY
DEPOSITORIES.

144.

(9) In the year of his retirement, a member may
receive credit of up to 10 years towards eligibility for
benefits provided under § 145 of this subtitle; if the
member files claim for it with the board of trustees and
pays into this pension system an amount equal to the
reserves required to fund the additional allowance, which
may be paid on an installment basis by contributing not less
than 2 percent of compensation per year, or by transferring,
upon written request to the board of trustees, [and] ANY
prior contributions to a voluntary retirement benefit, less