WILLIAM DONALD SCHAEFER, Governor                               Ch. 6

(4)      THE SECRETARY OF THE BOARD OF TRUSTEES MAY ALLOW A
GRACE PERIOD FOR PAYMENT OF THE AMOUNTS CERTIFIED UNDER THIS SECTION
NOT TO EXCEED 10 CALENDAR DAYS.

(5)      ON NOTIFICATION BY THE SECRETARY OF THE BOARD OF
TRUSTEES THAT A DELINQUENCY EXISTS, THE STATE COMPTROLLER IMMEDIATELY
SHALL EXERCISE THE RIGHT OF SETOFF AGAINST ANY MONEY DUE OR COMING
DUE TO THE MARYLAND ENVIRONMENTAL SERVICE.

(C) CREDITING AMOUNTS.

ON RECEIPT OF THE PAYMENTS FROM THE MARYLAND ENVIRONMENTAL
SERVICE, THE BOARD OF TRUSTEES SHALL CREDIT THESE AMOUNTS TO THE
ACCUMULATION FUND OF THE APPROPRIATE STATE SYSTEM.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 1-310(c), (d), and (e).

In subsection (b)(1) of this section, the references to "the Board of Trustees"
are added for clarity.

In subsection (b)(3) of this section, the reference to the time required "by
law" is deleted as unnecessary since that time is stated in subsection (b)(2) of
this section.

In subsection (b)(4) of this section, the reference to "amounts certified under
this section" is added for clarity.

In subsection (c) of this section, the reference to "the Board of Trustees" is
substituted for the former reference to "the Maryland State Retirement and
Pension Systems" to conform to other similar provisions in this Division II.
Similarly, the reference to "the accumulation fund of the appropriate State
system" is substituted for the former reference to "the appropriate fund of the
several systems".

Defined terms: "Board of Trustees" § 20-101
"State system" § 20-101

21-311. ANNUITY SAVINGS FUNDS.

(A)     CREDITS TO ANNUITY SAVINGS FUND.

THE BOARD OF TRUSTEES SHALL CREDIT TO EACH MEMBER'S INDIVIDUAL
ACCOUNT IN THE ANNUITY SAVINGS FUND OF THE APPROPRIATE STATE SYSTEM:

(1)      THE MEMBER CONTRIBUTIONS OF THE MEMBER AS PROVIDED IN
THIS DIVISION II; AND

(2)      REGULAR INTEREST ON THE ACCUMULATED CONTRIBUTIONS OF
THE MEMBER AS PROVIDED IN THIS DIVISION II.

(B)     PAYMENTS FROM ANNUITY SAVINGS FUND.

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