HERBERT R. O'CONOR, GOVERNOR. 585

(11) "Beneficiary" shall mean any person in receipt of a
pension, an annuity, a retirement allowance, or other benefits
as provided by this Article.

(12) "Regular interest" shall mean interest at such rate as
may be set from time to time by the Board of Trustees in ac-
cordance with Section 7, Sub-section (2), of this Article.

(13) "Accumulated contributions" shall mean the sum of
all the amounts deducted from the compensation of a member
and credited to his individual account in the Annuity Savings
Fund, together with regular interest thereon, as provided in
Section 8 of this Article.

(14) "Earnable compensation" shall mean the full rate of
compensation that would be payable to an employee if he
worked the full normal working time for his position. In cases
where compensation includes maintenance, the Salary Stand-
ards Board shall fix the value of that part of the compensa-
tion not paid in money.

(15) "Average final compensation" shall mean the average
annual earnable compensation of an employee during his last
ten years of service as an employee, 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. 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 serv-
ice 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 mor-
tality 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.