3496

LAWS OF MARYLAND

Ch. 741

Article 73B - Pensions

Section 14(l)(e), 89(l)(d), 122(i), (ii), and (iii)(1)(d),

and 150(i), (ii), and (iii)(l)(d)
Annotated Code of Maryland
(1983 Replacement Volume and 1984 Supplement)

BY adding

New Article 73C - State Supplemental Compensation Plans

Annotated Code of Maryland

(1983 Replacement Volume and 1984 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That Section(s) 28 of Article 64A - Merit System of the
Annotated Code of Maryland be repealed.

SECTION 2. AND BE IT FURTHER ENACTED, That Section(s) 66,
67, 68, 69, and 70 and the subtitle "State Employees Deferred
Compensation Plan" of Article 73B - Pensions of the Annotated
Code of Maryland be repealed.

SECTION 3. AND BE IT FURTHER ENACTED, That the Laws of
Maryland read as follows:

Article 73B - Pensions

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) (e) Subject to the approval of the board of
trustees, in addition to the contributions deducted from
compensation as hereinbefore provided, any member may redeposit
in the Annuity Savings Fund by a single payment or by an
increased rate of contribution an amount equal to the total
amount which he previously withdrew therefrom as provided in this
article, or any part thereof; or any member may deposit therein
by a single payment or by an increased rate of contribution an
amount computed to be sufficient to purchase an additional
annuity which, together with his prospective retirement
allowance, will provide for him a total retirement allowance not
in excess of two thirds of his average final compensation at the
age of 60 or after 30 years of creditable service, whichever
would first occur. [In addition to the contributions
hereinbefore provided, subject to such conditions as may be
established by the board of trustees, any member may, in
accordance with a contract with his employer, have further
contributions at a fixed percentage of two percent or more, but