HARRY HUGHES, Governor                               3905

FOR the purpose of altering the percentage rate of each
participant's annual earnable compensation that the
State must contribute to the Optional Retirement
Program; and; and providing for the effective date of
this Act; and repealing the requirement that
participants must contribute to the Optional Retirement
Program.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 110(e)

Annotated Code of Maryland

(1978 Replacement Volume and 1981 Supplement)

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

Article 73B - Pensions

110.

(e) The State shall contribute on behalf of each
participant in the optional retirement program [5.84]
7.00 percent OR A PERCENT EQUAL TO THE STATE'S CONTRIBUTION
RATE TO THE PENSION SYSTEM FOR THE TEACHERS OF THE STATE OF
MARYLAND, WHICHEVER IS GREATER, of each participant's annual
earnable compensation. [Each participant shall contribute
the amount which he would have been required to contribute
as a member of the Teachers' Retirement System or the
Pension System for the Teachers.] Contributions authorized
or required by the provisions of this subsection on behalf
of each participant may be made by payroll deduction or by a
reduction in salary in accordance with the provisions of §
403(b) of the United States Internal Revenue Code. Payment
of contributions shall be made by the appropriate governing
board to the designated company for the benefit of each
participant. In the event of a qualified employee
participating in an optional retirement program whose
compensation is paid from special and/or federal funds, the
State's contribution to such optional retirement program
shall be paid from the special and/or federal funds.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982 July 1, 1983 1982.

Approved June 1, 1982.