868                              LAWS OF MARYLAND                      [CH. 509

retirement; provided, that if [at the time of retirement] the member
who has not attained the age of sixty at the time of retirement has
rendered less than thirty-five years of creditable service, the addi-
tional pension equal to the difference between such allowance shall be
reduced on an actuarial equivalent basis.

Sec 2. And be it further enacted, That Section 113 (2)(d),
(2)(e)(l), and (4) of Article 77 of said Code, title "Public Educa-
tion," subtitle "Teachers' Certificates, Salaries and Pensions," sub-
heading "Teachers' Retirement System," be and it is hereby
repealed and re-enacted, with amendments, to read as follows:

113.

(2) (d) Provided, however, that if [at the time of retirement]
the member who has not attained the age of sixty at the time of
retirement has rendered less than thirty-five years of creditable
service, 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 or at the
age at which thirty-five years of creditable service would have been
rendered had the member continued in service, whichever occurs first,
in the amounts computed as provided in (b) and (c) above and (e) (1)
below; or, such member may elect at the time of retirement to have
his service retirement allowance deferred to commence upon the at-
tainment of the age of sixty or the age at which thirty-five years of
creditable service would have been rendered had the member con-
tinued in service, whichever occurs first, in which event the annuity
shall be the actuarial equivalent of his accumulated contributions at
that age, and the pension or pensions under (b) and (c) above and
(e)(l) below shall be in the amounts computed as therein provided.

(e) (1) Notwithstanding anything in this subtitle to the con-
trary, if at the time of retirement after June 30, 1962, the retirement
allowance consisting of the annuity resulting from the member's
regular contributions and the pension determined in accordance with
paragraphs (b) and (c) above is less than one-seventieth of average
final compensation for each year of creditable service, an additional
pension equal to the difference between such allowance shall be pay-
able; except that any member who elects to discontinue contributions
in accordance with the provisions of Section 116 (1) (b), the addi-
tional pension so provided herein shall be reduced by the actuarial
equivalent of those contributions which he had not paid, with interest
to date of retirement; provided, however, that if [at the time of
retirement] the member who has not attained the age of sixty at the
time of retirement has rendered less than thirty-five years of credit-
able service, the additional pension equal to the difference between
such allowance shall be reduced on an actuarial equivalent basis.

Sec. 3. And be it further enacted, That this Act shall take effect
July 1, 1966.

Approved May 6, 1966.