WILLIAM DONALD SCHAEFER, Governor                            Ch. 6

(b)     Should the board of regents for any reason become financially unable to make
the required contributions payable on account of its faculty, then the board shall be
deemed to be in default and a certificate to this effect shall be sent to each member and
beneficiary of the University. All members of the retirement system who were members of
the faculty 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 that 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 for the pensioner, and the reserve of each pensioner
shall be used in providing whatever part of the pensioner's existing pension as the reserve
so held will provide, together with the pensioner's annuity, shall thereafter be payable to
the pensioner. 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 faculty of the
University, for which reserves have not been previously created from funds contributed by
the University or its members for those benefits.

(d)     In the event the board of Morgan State University adopts an optional
retirement program as provided in [Title 11 of this article] TITLE 30 OF THE STATE
PERSONNEL AND PENSIONS ARTICLE, those eligible employees of Morgan State
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
[Title 11 of this article] TITLE 30 OF THE STATE PERSONNEL AND PENSIONS ARTICLE.

REVISOR'S NOTE: This section formerly was Art. 73B, § 3-502.

Former § 3-502 is not retained in the Code because it is apparently obsolete.
However, it is transferred to the Session Laws to avoid any inadvertent
substantive effect that its repeal might have.

The only changes are in style.

[3-503.] 3.

Should the State Board of Agriculture elect, by resolution approved by the Board of
Trustees of the retirement system, to have the members of the Livestock Sanitary Service
employed by the State Board of Agriculture eligible for participation in the retirement
system, such members shall be eligible for participation as if they were teachers employed
in the public schools, subject to all the conditions, limitations and restrictions imposed by
[§ 3-501 of this subtitle] § 1 OF THIS SUBHEADING.

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