1642                                            LAWS OF MARYLAND                                       Ch. 446

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall

take effect July 1, 1986.
Approved May 13, 1986.

CHAPTER 446

(House Bill 378)

AN ACT concerning

Pensions - Payment of State Contributions -
Teachers in Local Retirement Funds

FOR the purpose of requiring the State to pay a contributory

amount not in excess of a certain percentage to cities or
counties on account of certain teachers who are members of
local retirement funds; and simplifying the determination of
a certain percentage for purposes of the State contribution
to cities or counties on account of certain teachers in
local retirement funds.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 89(4)(a) and 150(4)(a)

Annotated Code of Maryland

(1983 Replacement Volume and 1985 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF

MARYLAND, That the Laws of Maryland read as follows:

Article 73B - Pensions
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.

(4) (a) (1) On or before the first day of December next
preceding each regular meeting of the General Assembly of
Maryland the board of trustees shall certify to the State
Superintendent of Schools, the rates to be used in determining
the amounts which will become due and payable during the year
next following each of the funds of the retirement 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 city and counties of the State, who