440 ARTICLE 77.

(15) "Average Final Compensation" shall mean the average annual
earnable compensation of a teacher during his last ten years of service as
a teacher, or if he had less than ten years of service, then his average earn-
able compensation for his total service.

(16) "Annuity" shall mean payments for life derived from the accu-
mulated contributions of a member. All annuities shall be payable in
equal monthly instalments.

(17) "Pension" shall mean payments for life derived from money pro-
rided by the State of Maryland. All pensions shall be payable in equal
monthly instalments.

(18) "Retirement Allowance" shall mean the sum of the "annuity"
and the "pension, " or any optional benefit payable in lieu thereof.

(19) "Retirement" shall mean withdrawal from active service with a
retirement allowance granted under the provisions of this Article.

(20) "Annuity Reserve" shall mean the present value of all payments
to be made on account of any annuity or benefit in lieu of any annuity
computed upon the basis of such mortality tables as shall be adopted by the
Board of Trustees, and regular interest.

(21) "Pension Reserve" shall mean the present value of all payments
to be made on account of any pension or benefit in lieu of any pension com-
puted upon the basis of such mortality tables as shall be adopted by the
Board of Trustees, and regular interest.

(22) "Actuarial Equivalent" shall mean a benefit of equal value when
computed upon the basis of such mortality tables as shall be adopted by the
Board of Trustees, and regular interest.

(23) "County" shall include the City of Baltimore.

1927, ch. 344, sec. 93.

93. Name and Date of Establishment.

A retirement system is hereby established and placed under the opera-
tion of the Board of Trustees for the purpose of providing retirement
allowances and other benefits under the provisions of this sub-title for
teachers of the State of Maryland. The retirement system so created shall
be established as of August 1, 1927. It shall have the power and priv-
ileges of a corporation and shall be known as the "Teachers' Retirement
System of the State of Maryland, " and by such name all of its business
shall be transacted, all of its funds invested, and all of its cash and securi-
ties and other property held.

1927, ch. 344, sec. 94.

94. Membership.

The membership of this retirement system shall be composed as follows:
(1) All persons who shall become teachers after the date as of which
the retirement system is established, except those specifically excluded
under Sub-section (3) of this Section, shall become members of the retire-
ment system as a condition of their employment.