MARVIN MANDEL, Governor                        595

(4)   The additional pensions provided herein shall be provided for
the employees of municipal corporations upon the approval of the
legislative body of any such municipal corporation participating in
the Employees' Retirement System.

(5)   Any member of the system who made additional voluntary
contributions under Section 14 (1) (e) of this Article may withdraw
the additional amount of contributions with interest, provided that
refund is requested within one year after July 1, 1963.

(6)   The provisions of subsection (3) (e) herein apply to members
who retired prior to June 30, 1962, as well as to those who retire
after that date.

11.

(5) Upon retirement for ordinary disability a member shall
receive a service retirement allowance if he has attained the age of
60, otherwise he shall receive an ordinary disability retirement
allowance which shall consist of:

(a)   An annuity which shall be the actuarial equivalent of his
accumulated contributions at the time of retirement; and

(b)   A pension which, together with his annuity, shall provide a
total retirement allowance equal to [one-seventieth] one-sixtieth of
his average final compensation multiplied by the number of years
of his creditable service, if such retirement allowance exceeds one-
quarter of his average final compensation; otherwise a pension
which, together with his annuity, shall provide a total retirement
allowance equal to one-quarter of his average final compensation,
provided, however, that no such allowance shall exceed [one-seven-
tieth] one-sixtieth of his average final compensation multiplied by
the number of years which would be creditable to him were his
service to continue until the attainment of age 60.

13.

(2) 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.
"Regular interest" for the Annuity Reserve Fund, the Pension
Accumulation Fund and the Pension Reserve Fund shall mean such
per centum rate or rates to be compounded annually as shall be
determined by the board of trustees annually after taking into con-
sideration the actual earnings 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] five 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