WM. PRESTON LANE, JR., GOVERNOR. 841

(12) "Regular interest" shall mean interest at such rate
as may be set from time to time by the Board of Trustees
in accordance with Section 52 of this sub-title.

(13) "Accumulated contributions" shall mean the sum of
all the amounts deducted from the compensation of a mem-
ber and credited to his individual account in the Annuity
Savings Fund, together with regular interest thereon, as
provided in Section 53 of this sub-title, and all amounts con-
tributed by the State as provided in Section 54 of this sub-
title.

(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, includ-
ing any additional compensation based upon period of serv-
ice, but shall not include maintenance.

(15) "Average final compensation" shall mean the aver-
age 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 com-
pensation 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
service with a retirement allowance granted under the pro-
visions of this sub-title.

(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 mor-
tality tables as shall be adopted by the Board of Trustees,
and regular interest.