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Session Laws, 1947
Volume 411, Page 1721   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR. 1721

the basis of retirement at age 65 shall not be changed unless,
prior to March 31, 1948, the member elects to contribute on the
basis of retirement at age 60. But the head of any department
shall not have any deduction made for annuity purposes from
the compensation of a member who elects not to contribute if
he has attained the age of 60 and has completed thirty
years of service. In determining the amount earnable by
a member in a payroll period, the Board of Trustees may con-
sider the rate of annual compensation payable to such member
on the first day of the payroll period as continuing throughout
such payroll period, and it may omit deduction from compensa-
tion for any period less than a full payroll period if an em-
ployee was not a member on the first day of the payroll period,
and to facilitate the making of deductions it may modify the
deduction required of any member by such an amount as shall
not exceed one-tenth of one per centum of the annual compensa-
tion upon the basis of which such deduction is to be made.

(e) Subject to the approval of the Board of Trustees, in ad-
dition to the contributions deducted from compensation as
hereinbefore provided, any member may redeposit in the An-
nuity Savings Fund by a single payment or by an increased
rate of contribution an amount equal to the total amount
which he previously withdrew therefrom as provided in this
Article, or any part hereof; or any member may deposit there-
in by a single payment or by an increased rate of contribution
an amount computed to be sufficient to purchase an addi-
tional annuity which, together with his prospective retirement
allowance, will provide for him a total retirement allowance
not in excess of one-half of his average final compensation
at the age of 60. Such additional amounts so deposited
shall become a part of his accumulated contributions except
in the case of disability retirement, when they shall be treated
as excess contributions returnable to the member in cash or
as an annuity of equivalent actuarial value.

SEC. 2. And be it further enacted, That this Act shall take
effect July 1, 1947.

Approved April 25, 1947.

CHAPTER 697.
(House Bill 45)

AN ACT to add. ten new sections to Article 19A of the
Annotated Code of Public General Laws of Maryland
(1939 Edition and 1943 Supplement), title "Conservation

 

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Session Laws, 1947
Volume 411, Page 1721   View pdf image (33K)
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