Ch. 6

1994 LAWS OF MARYLAND

In subsection (a) of this section, the reference to a system "operated on an
actuarial basis" is deleted in light of § 37-201 which limits the scope of this
title to transfers between systems "operated on an actuarial basis".

Former Art. 73B, § 1-403(b) is deleted as surplusage in light of the generally
applicable provisions of § 37-203 of this subtitle.

Defined terms: "Member" § 37-101
"New system" § 37-101
"Previous system" § 37-101
"State or local retirement or pension system" § 37-101

37-206. TRANSFER OF EMPLOYEES OF CERTAIN AGENCIES.

(A)     IN GENERAL.

(1)      IF A MEMBER OF A STATE OR LOCAL RETIREMENT OR PENSION
SYSTEM WHO IS EMPLOYED BY THE MARYLAND-NATIONAL CAPITAL PARK AND
PLANNING COMMISSION, THE WASHINGTON SUBURBAN SANITARY COMMISSION, OR
THE WASHINGTON SUBURBAN TRANSIT COMMISSION TRANSFERS TO ANOTHER
STATE OR LOCAL RETIREMENT OR PENSION SYSTEM OF A COUNTY WITHIN THE
AREA SERVED BY THOSE AGENCIES:

(I)       THE MEMBER'S ACCUMULATED CONTRIBUTIONS, IF NOT
PREVIOUSLY WITHDRAWN, SHALL BE TRANSFERRED TO THE NEW SYSTEM; AND

(II)     ALL THE EMPLOYER CONTRIBUTIONS ON BEHALF OF THE
MEMBER AND INTEREST ON THOSE CONTRIBUTIONS SHALL BE TRANSFERRED TO
THE NEW SYSTEM.

(2)      UNLESS THE ADMINISTRATIVE BOARD OF THE PREVIOUS SYSTEM
OR OF THE NEW SYSTEM REQUESTS AN ACTUARIAL VALUATION, THE EMPLOYER
CONTRIBUTIONS TRANSFERRED UNDER THIS SUBSECTION SHALL BE EQUAL TO THE
MEMBER'S ACCUMULATED CONTRIBUTIONS.

(3)      IF THE ADMINISTRATIVE BOARD OF EITHER SYSTEM REQUESTS AN
ACTUARIAL VALUATION, THE COST OF THAT VALUATION SHALL BE SHARED
EQUALLY BY THE PREVIOUS SYSTEM AND THE NEW SYSTEM.

(B)      CHANGE IN CONTRIBUTION RATE.

IF THE RATE OF CONTRIBUTION FOR AN INDIVIDUAL WHO TRANSFERS ON OR
AFTER JULY 1, 1965, TO A NEW SYSTEM UNDER THIS SECTION IS ALTERED BECAUSE
OF THE TRANSFER:

(1)      THE PREVIOUS SYSTEM SHALL REFUND TO THE INDIVIDUAL ANY
EXCESS MEMBER CONTRIBUTIONS; AND

(2)      THE INDIVIDUAL SHALL PAY TO THE NEW SYSTEM ANY SHORTAGE
OF MEMBER CONTRIBUTIONS.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 1-104.

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