HARRY HUGHES, Governor

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SECTION 3. AND BE IT FURTHER ENACTED, That, EXCEPT AS

MODIFIED BY CHAPTER ____ OF THE ACTS OF 1984 (S.B. ____OR H.B.

____(41rl916)) it is the intention of the General Assembly in

adopting this Act that any benefits which any beneficiary under
the Employees' Retirement System or the Teachers' Retirement
System is receiving prior to the effective date of this Act are
not affected, altered or changed in any manner by the adoption of
this Act. It is also the intention of the General Assembly that
nothing in this Act shall affect, alter or change any of the
rights or benefits of any person who is a member of the
Employees' Retirement System and the Teachers' Retirement System
on December 31, 1979 unless the member exercises the choice of
joining the new system created by this Act.

SECTION 2. AND BE IT FURTHER ENACTED, That, notwithstanding
the provisions of Article 73B of the Annotated Code of Maryland,
the amount of State general fund appropriations for fiscal year
1984-1985 shall be $58,978,709 for the Employees' Retirement

System (budget code 26.10.00.03) and $219,675,926 for the

Teachers' Retirement System (budget code 26.10.00.05).

SECTION 2. AND BE IT FURTHER ENACTED, That it is the intent
of the General Assembly that, for fiscal year 1985, savings
realized from cost reductions pursuant to the provisions of this
Act shall be retained in the Maryland State Retirement and
Pension Systems Trust Fund for the purpose of reducing the
Systems' unfunded accrued liability. For fiscal year 1985, the
appropriations provided for the Employees' Retirement System
(budget code 26.10.00.03) and the Teachers' Retirement System
(budget code 26.10.00.05) in the amounts of $74,978,709 and
$285,675,926, respectively, shall be used only for the purposes
therein appropriated and there shall be no budgetary transfer by
budgetary amendment or otherwise from those programs to any other
program or purpose. None of these appropriated funds shall be
reverted to the General Fund of the State at the close of fiscal
year 1985.

SECTION 3. AND BE IT FURTHER ENACTED, That, the Board of
Trustees shall notify each member of the Employees' Retirement
System and the Teachers' Retirement System of the amendments to
the benefit structure as provided in Section 1 of this Act, the
notice to include the forms necessary to select the options as
provided in the benefit structure. This notification shall occur
prior to June 15, 1984.

SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall
take effect June 1, 1984.

Approved April 10, 1984.