PUBLIC EDUCATION 2927

individual account in the Annuity Savings Fund together with regular
interest thereon as provided in Section 102 of this Article.

(14) "Earnable Compensation" shall mean the full date of the compen-
sation that would be payable to a teacher if he worked the full normal
working time. In cases where compensation includes maintenance, the
Board of Trustees shall fix the value of that part of the compensation not
paid in money.

(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-
vided 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.

96. (Name and Date of Establishment.) A retirement system is hereby
established and placed under the operation 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 privileges 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 securities and other property held.

1927, ch. 344, sec. 94.

97. (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.