THEODORE R. MCKELDIN, GOVERNOR                    337

TO THE 1959 GENERAL ASSEMBLY AS TO THE BEST MEANS
OF ACHIEVING A DIRECT RELATIONSHIP BETWEEN THE
RATE OF INTEREST EARNED BY THE FUNDS OF THE RE-
TIREMENT SYSTEMS AND THE RATE OF INTEREST CRED-
ITED TO MEMBERS' ACCOUNTS TO THE END THAT MEM-
BERS NOW RECEIVING 3% INTEREST MAY RECEIVE AN
EQUITABLE INCREASE IN INTEREST CREDITS IN THE
EVENT THAT THE ACTUAL AVERAGE YIELD ON THE
FUNDS REACHES 3.5%.

Approved March 6, 1958.

No. 2
(House Joint Resolution 4)

Joint Resolution recommending that the Board of Trustees of the
State Employees' Retirement System take the necessary adminis-
trative action to place on an actuarial basis the provisions for
retirement after twenty years of elected and appointive officials.

WHEREAS, Under the mandate of Resolution 10 of the 1957 Gen-
eral Assembly the Special Committee on Taxation and Fiscal Matters
of the Legislative Council has undertaken a review of the operations
of the State Retirement Systems; and

WHEREAS, During the course of such study it was observed that
all elements of the retirement systems are on an actuarial reserve
basis with the exception of benefits for elected and appointed
officials eligible to retire after twenty years of service, such benefits
being paid on a current basis; and

WHEREAS, The Committee determined through inquiries to the
actuary of the Retirement System that it would now be desirable
to place such benefits on an actuarial reserve basis; now, therefore,
be it

Resolved by the General Assembly of Maryland, That the Board
of Trustees of the State Employees' Retirement System be and it
is hereby requested to consider the desirability of placing on an
actuarial reserve basis the benefits for elected and appointed officials
eligible to retire after twenty years of service.

Approved March 6, 1958.

No. 3
(House Joint Resolution 5)

Joint Resolution recommending that the Boards of Trustees of the
State Teachers' Retirement System, State Employees' Retirement

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.