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Session Laws, 1961
Volume 654, Page 103   View pdf image (33K)
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J. MILLARD TAWES, GOVERNOR                         103

ings of the system for the preceding years and of the probable earn-
ings 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
members 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 the member's accumulated contributions from the time of his
leaving shall be three per centum. The Board of Trustees annually
shall allow Regular Interest on the mean amount for the preceding
year in each of the Funds except the Annuity Savings Fund and
the Expense Fund. ''Regular Interest" for the Annuity Savings
Fund is defined in Section 1, Subsection (12) of this Article. "Regu-
lar Interest" for the Annuity Reserve Fund, the Pension Accumula-
tion Fund and the Pension Reserve Fund shall mean such per centum
rate to be compounded annually as shall be determined by the Board
of Trustees annually after taking into consideration the actual earn-
ings of the system for the preceding years and 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. 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 of Maryland, and any excess of earnings over such amount
required shall be deductible from the amounts to be contributed by
the State of Maryland.

Sec. 2. And be it further enacted, That this Act shall take effect
June 1, 1961.

Approved March 23, 1961.

CHAPTER 113
(Senate Bill 50)

AN ACT to repeal and re-enact, with amendments Section 338 of
Article 10 of the Code of Public Local Laws of Maryland (1930
Edition), title "Dorchester County", sub-title "Jail", amending the
laws concerning county jails in Dorchester County, with respect to
the administration and control of the county jail.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 338 of Article 10 of the Code of Public Local Laws of
Maryland (1930 Edition), title "Dorchester County", sub-title "Jail",
be and it is hereby repealed and re-enacted with amendments to read
as follows :

338. [The president of the County Commissioners of Dorchester
County, the county treasurer and the State's Attorney for said
county, for the time being, shall act as jail supervisors for said

 

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Session Laws, 1961
Volume 654, Page 103   View pdf image (33K)
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