628 LAWS OF MARYLAND. [CH. 237

CHAPTER 237

(Senate Bill 269)

AN ACT to repeal and re-enact, with amendments, sub-
section (15) of Section 1, sub-sections (1) (a) and (2)
of Section 7 and sub-section (1) (e) of Section 10 of
Article 73B of the Annotated Code of Maryland (1947
Supplement), title "Pensions", relating to computation
of "Average final compensation" and voluntary retire-
ment of members of the Employees' Retirement System
after rendering thirty years of creditable service.

SECTION 1. Be it enacted by the General Assembly of Maryland,
That sub-section (15) of Section 1, sub-sections (1) (a)
and (2) of Section 7 and sub-section (1) (e) of Section
10 of Article 73B of the Annotated Code of Maryland (1947
Supplement), title "Pensions", be and the same are hereby
repealed and re-enacted, with amendments, to read as fol-
lows:

1.

(15) "Average final compensation" shall mean the aver-
age annual earnable compensation of an employee for the
ten consecutive years of service as an employee during
which his earnable compensation was highest, or if he had
less than ten years of service, then his average earnable
compensation for his total service.

7. (Benefits)

(1) (a) Any member in service may retire upon writ-
ten application to the Board of Trustees setting forth at
what time, not less than thirty days nor more than ninety
days subsequent to the execution and filing thereof, he
desires to be retired, provided that such member at the
time so specified for his retirement shall have attained the
age Of sixty (60) or shall have rendered thirty (30) years
of creditable service as an employee and notwithstanding
that during such period of notification he may have separ-
ated from service.

(2) Upon retirement for service a member shall re-
ceive a service retirement allowance which shall consist of:

(a) An annuity which shall be the actuarial equivalent
of his accumulated contributions at the time of retirement;
and

(b) A pension which shall be equal to one one-hundred
and fortieth of his average final compensation multiplied