Ch. 246                                          LAWS OF MARYLAND

beneficiary of the University. All members of the retirement
system, who were members of the staff of the University at the
time of default, shall thereupon be entitled to discontinue
membership in the retirement system and to a refund of their
accumulated contributions upon demand made within 90 days
thereafter. As of a date 90 days following the date of the
default, the actuary of the retirement system shall determine by
actuarial valuation the amount of the reserves held on account of
each active member and pensioner of the University, and shall
credit to each such member and pensioner the amount of reserve so
held. The reserve so credited, together with the amount of the
accumulated contributions of each active member, shall be used to
provide a paid-up deferred annuity beginning at age 60. The
reserve of each pensioner shall be used in providing whatever
part of his existing pension as the reserve so held will provide,
which pension, together with his annuity, shall thereafter be
payable to him. The rights and privileges of both active members
and pensioners of the University shall thereupon terminate except
as to the payment of the deferred annuities so provided for the
previous active members and the annuities and the pensions, or
parts thereof, provided for the pensioners.

(c)  Notwithstanding anything to the contrary, the
retirement system shall not be liable for the payment of any
pensions or other benefits on account of the staff of the
University, for which reserves have not been previously created
from funds contributed by the University or its members for the
benefits.

(d)  In the event the board of regents adopts an optional
retirement program as provided in § 110 of this article, those
eligible employees of the University who elected to participate
in the optional retirement program shall not participate in the
Teachers' Retirement System for any period in which they
participate in the optional retirement program. They shall be
entitled to no benefits from the Teachers' Retirement System
except with respect to contributions theretofore made as provided
in § 110 of this article.

110.

(a) The optional retirement program provided for in this
section may be adopted by any of the following boards with
respect to the institution or institutions governed by that board
or with respect to that board's own staff:

(1) Board of regents of the University of Maryland
SYSTEM;

[(2) Board of trustees of the State universities and
colleges;]

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