594                             LAWS OF MARYLAND                     [CH. 171

(d)   Provided, however, that if 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 com-
puted 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 re-
tirement allowance deferred to commence upon the attainment of the
age of sixty or the age at which thirty-five years of creditable serv-
ice would have been rendered had the member continued in service,
whichever occurs first, in which event the annuity shall be the actu-
arial equivalent of his accumulated contributions at that age, and the
pension or pensions under (b) and (c) above and (e) (1) 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 retire-
ment allowance consisting of the annuity resulting from the mem-
ber's regular contributions and the pension determined in accord-
ance with paragraphs (b) and (c) above is less than [one-seven-
tieth] one-sixtieth of average final compensation for each year of
creditable service, an additional pension equal to the difference
between such allowance shall be payable; except that as to any such
member who contributed on the basis of retirement at age 65 under
the provisions of Section 14 (1) (b), and as to any elected or ap-
pointed official or employee who waived the payment of such con-
tributions as provided in Sections 3 (5) and 9 (7), and any member
who elects to discontinue contributions in accordance with the pro-
visions of Section 14 (1) (b), the additional pension so provided
herein shall be reduced by the actuarial equivalent of those contri-
butions which he had not paid, with interest to date of retirement;
provided, that if 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 additional pension equal to the difference
between such allowance shall be reduced on an actuarial equivalent
basis. Except, that as to any such member who contributed on the
basis of retirement at age 65 under the provisions of Section 14 (1)

(b), and who is more than 63 years of age and having creditable

service of more than forty years shall not be reduced by the actuarial
equivalent.

(2)   The annuity provided as a result of voluntary contributions
permitted under this