§ 18-133. Police Retirement System; transfer to new system.

(a)

The County may elect to transfer the coverage of its employees who are classified as policemen from the employees' retirement system of the State of Maryland, hereinafter referred to as the State system, to a local retirement system established by the County to provide their retirement benefits, hereinafter referred to as the local system. Such transfer shall become effective upon the date as shall be set by the board provided that at least thirty (30) days prior to such date it shall file with the board of trustees of the State system such information as the County may require.

(b)

The amount of accumulated contributions as of the effective date of any member of the State system shall be transferred to the administrative board of the local system and shall be credited to his account in said system. The amount of reserve held in the State retirement system as the result of the previous contributions of Prince George's County shall be determined for each member on the effective date and such amount shall be transferred to the administrative board of the local system. The aggregate amount of the contributions on the effective date shall be paid to the administrative board of the local system to be held in trust for the purpose of providing the retirement benefits of such transferred members under the local system. From and after the effective date set for the establishment of the local retirement system by the County, neither the County nor any member of the Police Department for the County shall be required to contribute to the State employees' retirement system for such employees so covered by the local system.

(Laws 1959, ch. 775; P.L.L. 1963, Sec. 18-6)