This subsection applies to an individual who: has accrued service credit in a State or local retirement or pension system; has accepted new employment in a position requiring membership in one of the several systems; and did not make a claim under § 37–203 or § 37–203.1 of this subtitle to transfer the previous service credit within 1 year of transferring into one of the several systems. An individual described under subsection (a) of this section may request the Executive Director to accept the individual’s claim to transfer service credit accrued in the previous system. If the Executive Director denies a request for a waiver, the denial shall be presented to the Board of Trustees for review. The Board of Trustees may overturn the Executive Director’s decision under paragraph (1) of this subsection. On or before October 1 of each year, the Board of Trustees shall submit a report to the Joint Committee on Pensions in accordance with § 2–1257 of the State Government Article, that provides: the number of requests made by individuals to the Executive Director requesting a waiver of the 1–year requirement to claim transferred service credit; the number of requests granted and denied by the Executive Director; and the number of requests granted by the Board of Trustees following a denial by the Executive Director. The Board of Trustees shall adopt regulations to carry out this section.