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Session Laws, 1949
Volume 590, Page 855   View pdf image (33K)
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WM. PRESTON LANE, JR., GOVERNOR. 855

(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
member shall be deemed to consent and agree to the deduc-
tions made and provided herein and shall receipt for his
full salary or compensation; and payment of salary or com-
pensation less such deduction shall be a full and complete
discharge and acquittance of all claims and demands what-
soever for the services rendered by such person during the
period covered by such payment, except as to the benefits
provided under this sub-title. The head of the department
shall certify to the Board of Trustees on each and every pay-
roll, 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, to-
gether with regular interest thereon, to the individual ac-
count of the member from whose compensation said deduc-
tion 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
Annuity Savings Fund by a single payment or by an in-
creased rate of contribution an amount equal to the total
amount which he previously withdrew therefrom as pro-
vided in this subtitle, or any part thereof; 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 him a
total retirement allowance not in excess of one-half of his
average final compensation at the age of 55. Such additional
amounts so deposited shall become a part of his accumulated
contributions except in the case of disability retirement,
when they shall be treated as excess contributions return-
able to the member in cash or as an annuity of equivalent
actuarial value.

(f) The accumulated contributions of a member with-
drawn by him, or paid to his estate or to his designated
beneficiary in event of his death, as provided in this sub-
title, shall be paid from the Annuity Savings Fund. Upon
the retirement of a member his accumulated contributions

 

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Session Laws, 1949
Volume 590, Page 855   View pdf image (33K)
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