Collective bargaining shall include all matters relating to: Wages, hours, and other terms and conditions of employment; and The procedures for the employee organization to receive membership dues through payroll deduction. In the course of collective bargaining, the public employer and the exclusive representative shall: Meet at reasonable times; and Make every reasonable effort to conclude negotiations with a final written agreement in a timely manner before the budget submission date of the public employer. An agreement may include a provision for the arbitration of grievances arising under the agreement. An agreement may not include matters relating to the employees’ or teachers’ retirement or pension systems otherwise covered by the Annotated Code of Maryland. Paragraph (1) of this subsection does not prohibit a discussion of the terms of the retirement or pension systems in the course of collective bargaining. The terms of an agreement shall supersede any conflicting regulations or administrative policies of the public employer. Except as provided in paragraph (2) of this subsection, a request for funds necessary to implement an agreement shall be submitted by the public employer in a timely fashion for consideration in the budget process of the county. Not later than 20 days after final budget action by the governing body of a county, if a request for funds necessary to implement an agreement is reduced, modified, or rejected by the governing body, either party to the agreement may reopen the agreement. For Baltimore City Community College, in the annual budget bill submitted to the General Assembly, the Governor shall include any amounts in the budget of Baltimore City Community College required to accommodate any additional cost resulting from the negotiations, including the actuarial impact of any legislative changes to any of the State pension or retirement systems that are required, as a result of the negotiations, for the fiscal year beginning the immediately following July 1 if the legislative changes have been negotiated to become effective in that fiscal year.