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Session Laws, 1941
Volume 582, Page 598   View pdf image (33K)
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598 LAWS OF MARYLAND. [CH. 377

a payroll period, the Board of Trustees may consider 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 compensation
for any period less than a full payroll period if an employee
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 compen-
sation upon the basis of which such deduction is to be made.
(c) The deductions provided for herein shall be made not-
withstanding that the minimum compensation provided for
by law for any member shall be reduced thereby. Every mem-
ber shall be deemed to consent and agree to the deductions
made and provided herein and shall receipt for his full salary
or compensation; and payment of salary or compensation less
such deduction shall be a full and complete discharge and
acquittance of all claims and demands whatsoever for the serv-
ices rendered by such person during the period covered by
such payment, except as to the benefits provided under this
Article. The head of each department shall certify to the
Board of Trustees on each and every payroll, or in such
other manner as the Board of Trustees may prescribe, the
amounts to be deducted; and each of said amounts shall be
deducted, and when deducted shall be paid into said Annuity
Savings Fund, and shall be credited, together with regular
interest thereon, to the individual account of the member from
whose compensation said deduction was made.

(d) Notwithstanding the preceding provisions, no deduc-
tion shall be made from any member's compensation with
respect to which the State's contributions are in default.

(e) Subject to the approval of the Board of Trustees, in
addition 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
therein by a single payment or by an increased rate of
contribution an amount computed to be sufficient to purchase
an additional annuity which, together with his prospective
retirement allowance, will provide for Mm a total retirement
allowance not in excess of one-half of his average final com-
pensation at the age of 65. Such additional amounts so de-
posited 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.

 

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Session Laws, 1941
Volume 582, Page 598   View pdf image (33K)   << PREVIOUS  NEXT >>


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