HARRY HUGHES, Governor

3629

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
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.