244                               LAWS OF MARYLAND                         [CH. 71

CHAPTER 71
(House Bill 17)

AN ACT to repeal and re-enact, with amendments, Section 13 (2)
of Article 73-B of the Annotated Code of Maryland (1957 Edi-
tion), title "Pensions", sub-title "Board of Trustees"; to repeal and
re-enact, with amendments, Section 108 (12) of Article 77 of said
Code, title "Public Education", sub-title "Teachers Retirement
System"; and to repeal and re-enact, with amendments, Section
55 (2) of Article 88-B of said Code, title "State Police", sub-title
"State Police Retirement System"; amending the laws concerning
the rate of interest payable to members who are no longer in active
service as employees in the Employees Retirement System, the
Teachers Retirement System and the State Police Retirement
System.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 13 (2) of Article 73-B of the Annotated Code of Mary-
land (1957 Edition), title "Pensions", sub-title "Board of Trustees",
be and it is hereby repealed and re-enacted, with amendments; that
Section 108 (12) of Article 77 of said Code, title "Public Education",
sub-title "Teachers Retirement System", be and it is hereby repealed
and re-enacted, with amendments; and that Section 55 (2) of Article
88-B of said Code, title "State Police", sub-title "State Police Retire-
ment System", be and it is hereby repealed and re-enacted, with
amendments; and all to read as follows:

13. Management of funds.

(2) Allowance of interest.—The board of trustees annually shall
allow regular interest on the mean amount for the preceding year
in each of the funds with the exception of the expense fund. The
amounts so allowed shall be due and payable to said funds, and shall
be annually credited thereto by the board of trustees from interest
and other earnings on the moneys of the Retirement System. Any
additional amount required to meet the interest on the funds of the
Retirement System shall be paid by the State, and any excess of
earnings over such amount required shall be deductible from the
amounts to be contributed by the State.

Regular interest shall mean such per centum rate to be com-
pounded annually as shall be determined by the board of trustees
to be equitable, in its judgment, to both the employees and the tax-
payers of the State, after taking into consideration the actual interest
earnings of the system for the preceding years and of the probable
earnings of the system to be made in the future. Such rates shall be
limited to a minimum of three per centum and a maximum of four
per centum for members who became such on or before June 30, 1955,
and shall be limited to a maximum of three per centum for mem-
bers becoming such on and after July 1, 1955.

As to any member who after June 1, 1958, leaves, and is no longer
in, active service as an employee, the rate OF REGULAR INTER-
EST CREDITED TO THE MEMBER'S ACCUMULATED CON-

EXPLANATION: Italics indicate new matter added to existing law.

[Brackets] indicate matter stricken from existing law.
CAPITALS indicate amendments to bill.
Strike out indicates matter stricken out of bill.