3630

VETOES

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
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.

(2) The State Superintendent of Schools shall
certify the amount specified in paragraph (a)(1) of this
subsection to the State Comptroller. The Comptroller shall draw
a warrant on the State Treasurer for the respective amounts due
said cities or counties. On receipt of the warrant of the
Comptroller, the State Treasurer immediately shall pay to said
cities and counties the amounts due.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1986.

April 29, 1986
The Honorable Melvin A. Steinberg
President of the Senate
State House
Annapolis, Maryland 21404

Dear President Steinberg: