Ch. 6

1994 LAWS OF MARYLAND

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 10-229(a)(4).

The references to "effective" dates are substituted for the former references
to "approval" dates for accuracy. See § 31-201(b) of this subtitle.

The reference to "calendar", which formerly modified "year", is deleted as
unnecessary.

Defined terms: "Effective date" § 31-201
"Fire fighter" § 31-201
"Law enforcement officer" § 31-201
"Local Fire and Police System" § 20-101
"Member" § 20-101
"Participating governmental unit" § 20-101

31-205. EFFECT OF ELECTION.

(A)     TERMINATION OF LOCAL PENSION SYSTEM.

IF AN ELIGIBLE GOVERNMENTAL UNIT APPROVES PARTICIPATION IN THE
LOCAL FIRE AND POLICE SYSTEM, THE OPERATION OF THE LOCAL PENSION SYSTEM
WITH RESPECT TO THE LAW ENFORCEMENT OFFICERS OR FIRE FIGHTERS
TERMINATES ON THE EFFECTIVE DATE.

(B)      TRANSFER OF FUNDS.

(1)      ON THE EFFECTIVE DATE:

(I)       THE ASSETS TO THE CREDIT OF THE LOCAL PENSION SYSTEM
THAT RELATE TO THE LAW ENFORCEMENT OFFICERS OR FIRE FIGHTERS WHO
ELECT TO BECOME MEMBERS SHALL BE TRANSFERRED TO THE LOCAL FIRE AND
POLICE SYSTEM; AND

(II)     THE TRUSTEE OR OTHER ADMINISTRATIVE HEAD OF THE
LOCAL PENSION SYSTEM SHALL CERTIFY THE PROPORTION OF THE FUNDS OF THE
LOCAL PENSION SYSTEM THAT REPRESENTS THE ACCUMULATED CONTRIBUTIONS
OF THE MEMBERS AS OF THAT DATE.

(2)      THE ACCUMULATED CONTRIBUTIONS SHALL BE CREDITED TO THE
RESPECTIVE ANNUITY SAVINGS ACCOUNT OF THE MEMBERS IN THE LOCAL FIRE
AND POLICE SYSTEM.

(3)      THE BALANCE OF THE FUNDS TRANSFERRED TO THE LOCAL FIRE
AND POLICE SYSTEM SHALL BE OFFSET AGAINST THE SPECIAL ACCRUED LIABILITY
TO BE FUNDED BY THE PARTICIPATING GOVERNMENTAL UNIT AS PROVIDED BY §
21-306(D) OF THIS ARTICLE.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 10-229(a)(2).

- 668 -