978                               LAWS OF MARYLAND                       [CH. 407

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 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.

(4).

UPON RETIREMENT FOR DISABILITY A MEMBER SHALL
RECEIVE A SERVICE RETIREMENT ALLOWANCE IF HE
HAS ATTAINED AGE 60, OTHERWISE HE SHALL RECEIVE
A 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-SIXTIETH OF HIS AVERAGE FINAL COM-
PENSATION MULTIPLIED BY THE NUMBER OF YEARS OF
HIS CREDITABLE SERVICE, IF SUCH RETIREMENT ALLOW-
ANCE EXCEEDS ONE-QUARTER OF HIS AVERAGE FINAL
COMPENSATION; OTHERWISE A PENSION WHICH, TO-
GETHER WITH HIS ANNUITY, SHALL PROVIDE A TOTAL
RETIREMENT ALLOWANCE EQUAL TO ONE-QUARTER OF
HIS AVERAGE FINAL COMPENSATION, PROVIDED, HOW-
EVER, THAT NO SUCH ALLOWANCE SHALL EXCEED ONE-
SIXTIETH OF HIS AVERAGE FINAL COMPENSATION MUL-
TIPLIED BY THE NUMBER OF YEARS WHICH WOULD BE
CREDITABLE TO HIM WERE HIS SERVICE TO CONTINUE
UNTIL THE ATTAINMENT OF AGE 60.

115.

(2) The board of trustees annually shall allow regular interest
on the mean amount for the preceding year in each of the funds with
the exception of the Expense Fund. "Regular interest" for the An-
nuity Savings Fund is defined in Section 108 subsection (12) of this
article. "Regular interest" for the Annuity Reserve Fund, the Pen-
sion 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 interest earnings of the system for the preceding
years and the probable earnings of the system to be made in the fu-
ture; 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 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 cont