60                                Laws of Maryland                        [Ch. 50

ment), title "State Police", sub-title "State Police Retirement
System", clarifying the provisions of the laws concerning the
management of funds and the payment of interest in the State
Police Retirement System by adding thereto a word evidently
omitted in the latest previous amendment.

Whereas, Section 55 (2) of Article 88B in the 1958 Supplement
to the Code concerns the interest which is paid under the State Po-
lice Retirement System; and

Whereas, in the latest amendment to this section, as found in
Chapter 71 of the Acts of 1958, an obvious reference to the phrase
"active service" omitted the word "service"; and

Whereas, it is desirable to amend this section so that this word
be inserted for purposes of certainty and clarity; now, therefore

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 55 (2) of Article 88B of the Annotated Code of Mary-
land (1958 Supplement), title "State Police", sub-title "State Police
Retirement System", be and it is hereby repealed and re-enacted,
with amendments, to read as follows:

55. Management of funds.

(2) Regular 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 an-
nually credited thereto by the board of trustees from interest and
other earnings on the moneys of the Retirement System. Any addi-
tional amount required to meet the interest on the funds of the
Retirement System shall be paid by the State, and any excess of earn-
ings 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 taxpayers
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 rate shall be
limited to a minimum of three per centum and a maximum of four
per centum for members who become 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 interest credited
to member's accumulated contributions from the time of his leaving
shall be three per centum.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1959.

Approved February 16, 1959.