618 LAWS OF MARYLAND. [CH. 344

(14) "Earnable Compensation" shall mean the full rate of
the compensation that would be payable to a teacher if he
worked the full normal working time. In eases where compen-
sation 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 aver-
age 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 earnable compensation for his total
service.

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

(17) "Pension" shall mean payments for life derived from
money provided 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 lien thereof.

(19) "Retirement" shall mean withdrawal from active ser-
vice 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 computed 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.

93. 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 pro-
viding retirement allowances and other benefits under the
provisions of this sub-title for teachers of the State of Maryland,