2448

LAWS OF MARYLAND

Ch. 418

(8) (a) Any person who is a member of the retirement
system, established by this subtitle, on December 31, 1979 shall
continue to be a member unless on January 1, 1980 or the first
day of any month thereafter he becomes a member of the Pension
System for Employees of the State of Maryland by filing with the
board of trustees, at least 90 days before, on the form the board
requires an executed waiver of all benefits which might inure to
him under this retirement system.

(b) Any person who is not a member of the
retirement system, established under this article, on December
31, 1979 or who becomes an employee on or after that date may not
be eligible for membership in this retirement system.

(C) A PERSON VESTED IN ACCORDANCE WITH SECTION
11(16) OF THIS ARTICLE MAY ELECT ON THE FIRST DAY OF ANY MONTH TO
BE VESTED IN THE PENSION SYSTEM FOR EMPLOYEES OF THE STATE OF
MARYLAND BY FILING WITH THE BOARD OF TRUSTEES, AT LEAST 90 DAYS
BEFORE, ON THE FORM THE BOARD REQUIRES, AN EXECUTED WAIVER OF ALL
BENEFITS WHICH MIGHT INURE TO THE PERSON UNDER THIS RETIREMENT
SYSTEM.

14.

All of the assets of the retirement system shall be

credited, according to the purpose for which they are held, to

one of three funds, namely the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(1) (g) Any member who transfers to the Pension
System for Employees of the State of Maryland, under § 3 (8)(A)
of this article, shall be eligible to receive a return of a part
of his accumulated contributions as of the date of transfer.
This part shall be the ratio, not exceeding one, that the average
of the social security taxable wage bases in the 3 calendar years
immediately preceding the calendar year of transfer bears to the
average of his annual normal rate of earnings as of the end of
the preceding 3 fiscal years. FOR A PERSON TRANSFERRING UNDER THE
PROVISIONS OF SECTION 3(8)(C), THIS PART SHALL BE THE RATIO, NOT
EXCEEDING ONE, THAT THE AVERAGE OF THE SOCIAL SECURITY TAXABLE
WAGE BASES IN THE 3 CALENDAR YEARS IMMEDIATELY PRECEDING THE
CALENDAR YEAR OF TERMINATION BEARS TO THE AVERAGE OF THE PERSON'S
ANNUAL NORMAL RATE OF EARNINGS AS OF THE END OF THE 3 FISCAL
YEARS PRECEDING TERMINATION. This amount shall be paid within 90
days after his date of transfer unless he elects to have all or
part of this amount transferred as additional contributions to
the Annuity Savings Fund of the Pension System for Employees of
the State of Maryland. The balance of his accumulated
contributions shall be transferred as regular contributions to
the Annuity Savings Fund of the Pension System for Employees of
the State of Maryland.

83.