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Session Laws, 1962
Volume 651, Page 347   View pdf image (33K)
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J. MILLARD TAWES, Governor 347

average final compensation multiplied by the number of years of
service certified on his prior service certificate;

(d) Provided, however, that if at the time of retirement the
member has not attained the age of sixty, the pension and additional
pension, if any, shall be payable at retirement and shall be the
actuarial equivalent at that time of a pension and additional pension
payable at the age of sixty in the amounts computed as provided
in (b) and (c) above; or, such member may elect at the time of
retirement to have his service retirement allowance deferred to
commence upon the attainment of the age of sixty, in which event
the annuity shall be the actuarial equivalent of his accumulated con-
tributions at that age, and the pension or pensions under (b) and
(c) above shall be in the amounts computed as therein provided.


(1) Notwithstanding anything in this sub-title to the contrary, if
at the time of retirement after June 30, 1962, a member is age sixty
or older, or has 30 years of service and the retirement allowance
consisting of the annuity resulting from the member's regular con-
tributions and the pension determined in accordance with paragraphs
(b) and
(c) above is less than one seventieth of average final compen-
sation for each year of creditable service, an additional pension equal
to the difference between such allowance shall be payable.

(2) The annuity provided as a result of voluntary contributions
permitted under this sub-title and its amendments shall be payable
and shall not be used in determining the additional pension, if any,
payable under this sub-division, nor in determining the disability
pension under Section 113, sub-section (4).

(S) The payment of the additional pensions provided herein shall
be provided for in the Budget Bill submitted to the General Assembly
by the Governor and on receipt of the warrant of the Comptroller,
annual payments shall be made by the Treasurer of the State of
Maryland to the aforesaid Retirement System of the amounts re-
quired to meet the current disbursements for such additional pensions.
To this amount shall be added an amount equal to such additional
pensions for teachers who are members of the Employees' Retirement
System of the City of Baltimore, had they been members of the
Teachers9 Retirement System of Maryland which amount shall be
paid to the Mayor and City Council of Baltimore.

(4) Any member of the System who made additional voluntary
contributions under Section 116 (d) of this sub-title, prior to the
effective date of this act may withdraw the additional amount of con-
tributions, with interest, provided that refund is requested within one
year after the effective date of this Act.


SEC. 2. And be it further enacted, That this Act shall take effect
July 1, 1962.

Approved March 23, 1962.


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Session Laws, 1962
Volume 651, Page 347   View pdf image (33K)
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