HARRY HUGHES, Governor

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(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; or

(iii) The Expense Fund.

(4) (a) (1) On or before the first day of [November]
DECEMBER next preceding each regular meeting of the General
Assembly of Maryland, the board of trustees shall certify to the
[Governor] STATE SUPERINTENDENT OF SCHOOLS THE RATES TO BE USED
IN DETERMINING the amounts that will become due and payable
during the next year to each of the funds of this pension system
together with a statement of the percentage of the payroll of all
members, which is equivalent to the total amount. TO THIS AMOUNT
THE STATE SUPERINTENDENT OF SCHOOLS SHALL ADD AN AMOUNT EQUAL TO
SUCH PERCENTAGE OF THE PAYROLL OF TEACHERS WHO ARE MEMBERS OF
LOCAL RETIREMENT FUNDS IN THE CITIES AND COUNTIES OF THE STATE
WHO ARE EXCLUDED FROM MEMBERSHIP IN THIS PENSION SYSTEM, NOT IN
EXCESS OF THE PERCENTAGE CERTIFIED FOR THIS SYSTEM, AS SUCH
CITIES OR COUNTIES MAY HAVE CONTRIBUTED TO THEIR OWN RETIREMENT
OR PENSION SYSTEM ON ACCOUNT OF THEIR TEACHERS AS DETERMINED BY
THE ACTUARY OF THIS SYSTEM ON THE BASIS OF AN ACTUARIAL VALUATION
OF THE COST TO SUCH SUBDIVISION OF FUNDING THE SAME BENEFITS AS
ARE PROVIDED UNDER THIS SYSTEM. THIS AMOUNT SHALL BE PAID TO
SUCH CITIES AND COUNTIES. THE AMOUNTS SO ASCERTAINED SHALL BE
INCLUDED BY THE STATE SUPERINTENDENT OF SCHOOLS IN HIS BUDGET
ESTIMATE. This amount shall be included in the budget bill that
is submitted to the General Assembly.

[(b)] (2) The [board of trustees] STATE
SUPERINTENDENT OF SCHOOLS shall certify [one quarter of] the
amount specified in paragraph (a)(1) of this subsection to the
State Comptroller [on or before the last day of December,
February, May, and September]. [On or before the first day of
January, March, June, and October, the] THE Comptroller shall
draw a warrant on the State Treasurer for the respective amounts
due SAID CITIES OR COUNTIES [this pension system]. On receipt of
the warrant of the Comptroller, the State Treasurer immediately
shall [transfer to this pension system] PAY TO SAID CITIES AND
COUNTIES the amounts due.

(B)  FOR MEMBERS OF THIS PENSION 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 AMOUNTS CHARGED AGAINST THE BUDGETS OF THE
VARIOUS STATE AGENCIES PURSUANT TO SECTION 124 OF THIS ARTICLE
FOR THE EMPLOYERS' CONTRIBUTIONS TO THIS PENSION SYSTEM. ON
RECEIPT OF THE WARRANT OF THE COMPTROLLER, THE STATE TREASURER
SHALL IMMEDIATELY TRANSFER TO THE PENSION SYSTEM THE AMOUNTS DUE.

(C)  FOR MEMBERS OF THIS PENSION 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,