WM. PRESTON LANE, JR., GOVERNOR. 857

compensation of such new entrant throughout his entire
period of active service would be sufficient to provide for the
payment of any death benefit or pension payable on his ac-
count. The rate per centum so determined shall be known
as the "normal contribution" rate. After the accrued liabili-
ty contribution has ceased to be payable, the normal contri-
bution rate shall be the rate per centum of the earnable com-
pensation of all members obtained by deducting from the
total liabilities of the Pension Accumulation Fund the
amount of the funds in hand to the credit of that fund and
dividing the remainder by one per centum of the present
value of the prospective future salaries of all members as
computed on the basis of the mortality and service tables
adopted by the Board of Trustees, and regular interest. The
normal rate of contribution shall be determined by the ac-
tuary after each valuation.

(d) Immediately succeeding the first valuation the actuary
engaged by the Board of Trustees shall compute the rate per
centum of the total annual earnable compensation of all
members which is equivalent to four per centum of the amount
of the total pension and death benefit liability on account of
all members and beneficiaries which is not dischargeable by
the aforesaid normal contribution made on account of such
members during the remainder of their active service. The
rate per centum originally so determined shall be known as
the "accrued liability contribution" rate.

(e) The total amount payable in each year to the Pension
Accumulation Fund shall be not less than the sum of the
rates per centum known as the normal contribution rate and
the accrued liability contribution rate, of the total compen-
sation earnable by all members during the preceding year;
provided, however, that the amount of each annual accrued lia-
bility contribution shall be at least three per centum greater
than the preceding annual accrued liability payment, and that
the aggregate payment by the State shall be sufficient, when
combined with the amount in the fund, to provide the pen-
sions and other benefits payable out of the fund during the
year then current.

(f) The accrued liability Contribution shall be discon-
tinued as soon as the accumulated reserve in the Pension
Accumulation Fund shall equal the present value, as actu-
arially computed and approved by the Board of Trustees, of
the total liability of such fund less the present value, com-
puted on the basis of the normal contribution rate then in
force, of the prospective normal contributions to be received
on account of persons who are at that time members.