1004                                      LAWS OF MARYLAND                                Ch. 460

195.

(10) Anything in this article to the contrary notwithstanding, any member whose
service is terminated other than by death or retirement after he has rendered
[fifteen] FIVE or more years of creditable service may elect to receive a vested
retirement allowance in lieu of the return of his accumulated contributions. The
vested retirement allowance shall be deferred allowance commencing at age sixty
and shall [consist of:

(a)    An annuity which shall be the actuarial equivalent of the member's
accumulated contributions at age sixty; and

(b)   A pension computed as provided under paragraphs (b), (c) and (e) of §
195(2) of this article on the basis of his creditable service and average final
compensation at the time his service is terminated.] BE COMPUTED AS A
SERVICE RETIREMENT ALLOWANCE AS PROVIDED UNDER
PARAGRAPH (A) OF § 195(2) OF THIS ARTICLE ON THE BASIS OF THE
MEMBER'S CREDITABLE SERVICE AND AVERAGE FINAL
COMPENSATION AT THE TIME HIS SERVICE IS TERMINATED.

Should the member who has elected a vested retirement allowance request the
return of his contributions or die prior to the date when the first payment of his
retirement allowance becomes normally due, the amount of his accumulated
contributions shall be returned and no further benefit shall be due or become
payable on account of his previous membership.

195A.

(e) In no instance shall any retired member receive less than the benefits to
which he would be. entitled under the provisions of [§§] §195 [and 198(7)] of this
article I.I; PROVIDED FURTHER THAT ANY MEMBER RETIRED PRIOR
TO JULY 1, 1973, SHALL, IN NO INSTANCE, RECEIVE LESS BENEFITS
THAN HE HAD RECEIVED PRIOR TO SUCH DATE. ANY MEMBER
WHO RETIRED PRIOR TO JULY 1, 1958 WITH THIRTY OR MORE
YEARS OF SERVICE SHALL NOT RECEIVE BENEFITS IN ANY
AMOUNT LESS THAN [[$3600]] $4.000 PER ANNUM.

196.

(16) On the basis of such REGULAR INTEREST RATE OR RATES AND

tables as the board of trustees shall adopt, the actuary shall make an annual
valuation of the assets and liabilities of the funds of the system created by this
subtitle.

197.

(2) [The board of trustees annually shall allow regular interest on the mean
amount for the preceding year in each of the funds with the exception of the
Expense Fund.] Annuity Savings Fund is defined in § 190 subsection (12) of this
article. "Regular interest" for the [Annuity Reserve Fund, the Pension
Accumulation Fund and the Pension Reserve Fund] PURPOSE OF THE
ACTUARIAL VALUATIONS shall mean such per centum rate or rates to be
compounded annually as shall be determined by the board of trustees annually
after taking into consideration the actual interest earnings of the system for the
preceding years and the probable earnings of the system to be made in the future;
such rates shall be limited to a minimum of three per centum and maximum of
five per centum. [The amounts so allowed shall be due and payable to said funds,
and shall be annually credited thereto by the board of trustees from interest and
other earnings on the moneys of the retirement system. Any additional amount