HARRY HUGHES, Governor

2449

The membership of this retirement system shall be composed
as follows:

(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 Teachers 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) Except as hereinafter provided, any person,
who is not a member of the retirement system established under
this subtitle on December 31, 1979 or who becomes a teacher on or
after that date, may not be eligible for membership in this
retirement system.

(C) A PERSON VESTED IN ACCORDANCE WITH SECTION
86(10) OF THIS ARTICLE MAY ELECT ON THE FIRST DAY OF ANY MONTH TO
BE VESTED IN THE PENSION SYSTEM FOR TEACHERS 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.

89.

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) (e) Any member who transfers to the Pension
System for Teachers of the State of Maryland, under § 83 (8)(A)
of this subtitle, shall be eligible to receive a return of a part
of his accumulated contributions as of the date of transfer. The
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 83(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 said amount transferred as additional
contributions to the Annuity Savings Fund of the Pension System
for Teachers 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 Teachers of the State of Maryland.