HARRY HUGHES, Governor                                     3527

contributed during the biennium preceding, to their own
retirement or pension system on account of their teachers, which
latter amount shall be paid to such cities and counties; and
beginning on July 1, 1969,] AND as is determined by the actuary
of this retirement system on the basis of an actuarial valuation
of the cost to such subdivision of funding the same benefits as
are provided under this retirement system.[, which latter] THIS
amount shall be paid to such cities and counties[; the]. THE
amounts thus ascertained shall be included by the State
Superintendent of Schools in his budget estimate and shall be
included in the budget bill which is submitted to the General
Assembly.

(2) The State Superintendent of Schools
shall certify [one quarter of] the amount so ascertained for the
year FOR THE VARIOUS CITIES AND COUNTIES OF THE STATE WHICH
OPERATE LOCAL RETIREMENT OR PENSION SYSTEMS FOR TEACHERS to the
State Comptroller [on or before the last day of December,
February, May and September]. The Comptroller shall [on or
before the first day of January, March, June and October] draw a
warrant or warrants on the Treasurer of the State of Maryland for
the respective amounts due [the State retirement system and the
various] SAID cities and counties [of the State which operate
local retirement or pension systems for teachers]. On the
receipt of the warrant of the Comptroller, the Treasurer of the
State of Maryland [shall immediately transfer to the State
retirement system the amounts due and] shall pay to the treasurer
of each city or county operating a local retirement or pension
plan covering teachers the RESPECTIVE amount due.

(B)  FOR MEMBERS OF THIS RETIREMENT SYSTEM WHOSE
COMPENSATION IS PAID BY THE STATE, AS PAYROLLS ARE PAID, THE
COMPTROLLER SHALL DRAW A WARRANT OR WARRANTS ON THE STATE
TREASURER IN THE AMOUNT CHARGED AGAINST THE BUDGETS OF THE
VARIOUS STATE AGENCIES PURSUANT TO SECTION 16A OF THIS ARTICLE
FOR THE EMPLOYERS' CONTRIBUTIONS TO THIS RETIREMENT SYSTEM. ON
RECEIPT OF THE WARRANT OF THE COMPTROLLER, THE STATE TREASURER
SHALL IMMEDIATELY TRANSFER TO THE RETIREMENT SYSTEM THE AMOUNTS
DUE.

(C)  FOR MEMBERS OF THIS RETIREMENT SYSTEM WHOSE
COMPENSATION IS NOT PAID BY THE STATE, THE STATE DEPARTMENT OF
EDUCATION AND THE STATE BOARD FOR COMMUNITY COLLEGES SHALL
CERTIFY TO THE COMPTROLLER ON THE LAST DAY OF SEPTEMBER,
DECEMBER, AND MAY, AND THE 15TH OF APRIL ONE QUARTER OF THE
AMOUNT APPROPRIATED IN THE BUDGET OF THE STATE DEPARTMENT OF
EDUCATION AND THE STATE BOARD FOR COMMUNITY COLLEGES FOR THE
EMPLOYERS' CONTRIBUTIONS TO THIS RETIREMENT SYSTEM. THE
COMPTROLLER SHALL DRAW A WARRANT OR WARRANTS ON THE STATE
TREASURER ON OR BEFORE THE FIRST DAY OF OCTOBER, JANUARY, AND
JUNE, AND THE 16TH OF APRIL FOR THE AMOUNTS CERTIFIED. ON
RECEIPT OF THE WARRANT, THE STATE TREASURER SHALL IMMEDIATELY
TRANSFER TO THE RETIREMENT SYSTEM THE AMOUNTS DUE.

122.