HARRY HUGHES, Governor                                    1643

are excluded from membership in this retirement system as
provided in § 83 of this subtitle, [and as is determined by the
actuary of this retirement system on the basis of] NOT IN EXCESS

OF THE PERCENTAGE CERTIFIED FOR THIS RETIREMENT SYSTEM, AS SUCH
CITIES OR COUNTIES MAY HAVE CONTRIBUTED TO THEIR OWN RETIREMENT
OR PENSION SYSTEM ON ACCOUNT OF THEIR TEACHERS, AS DETERMINED BY
an actuarial valuation [of the cost to such subdivision of
funding the same benefits as are provided under this retirement
system]. This amount shall be paid to such cities and counties.
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 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. The
Comptroller shall draw a warrant or warrants on the Treasurer of

the State of Maryland for the respective amounts due said cities
and counties. On the receipt of the warrant of the Comptroller,
the Treasurer of the State of Maryland shall pay to the
treasurer of each city or county operating a local retirement or
pension plan covering teachers the respective amount due.

150.

All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; or

(iii) 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 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