5234

VETOES

(e)  The State shall contribute on behalf of each
participant in the optional retirement program 5.84 percent
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] A
RESPECTIVE SYSTEM. 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.

(f)  Any eligible employee who is a member of the
EMPLOYEES' RETIREMENT SYSTEM, THE PENSION SYSTEM FOR THE
EMPLOYEES OF THE STATE OF MARYLAND, THE Teachers' Retirement
System or the Pension System for the Teachers of the State
of Maryland at the time he elects to participate in an
optional retirement program established pursuant to this
section shall be deemed to be a person who discontinues
service in the [Teachers' Retirement System or the Pension
System for the Teachers] RESPECTIVE SYSTEM on the effective
date of the election for the purpose of determining his
eligibility for immediate vested rights and benefits in the
[Teachers' Retirement System or the Pension System for the
Teachers] RESPECTIVE SYSTEM. These benefits shall be
computed only on the basis of years of service otherwise
creditable to him as a contributing member of the [Teachers'
Retirement System or the Pension System for the Teachers]
RESPECTIVE SYSTEM. Any such person may withdraw his
accumulated contributions in the Annuity Savings Fund, with
interest, at or after the time he elects to join an optional
retirement program. If a person does withdraw his
accumulated contributions, he shall forfeit any right to any
benefit, whether vested or not, in the [Teachers' Retirement
System or the Pension System for Teachers] RESPECTIVE
SYSTEM, as applicable.

(i) Any eligible employee electing to participate in
an optional retirement program shall be ineligible for
membership in the EMPLOYEES' RETIREMENT SYSTEM, THE PENSION
SYSTEM FOR THE EMPLOYEES OFF THE STATE OF MARYLAND, THE
Teachers' Retirement System of the State of Maryland or the
Pension System for the Teachers of the State of Maryland so
long as he or she is employed in any eligible position by
the employing institution or by any other institution
establishing an optional retirement program pursuant to this
section. The employee shall participate in the optional
retirement program of that institution.