Marvin Mandel, Governor                        1209

SECTION SHALL BE APPLICABLE TO THOSE MEMBERS WHO
RETIRED ON OR PRIOR TO JULY 1, 1970.

[BEGINNING JULY 1, 1963, THE PROVISIONS OF THIS
SUB-SECTION SHALL APPLY TO MEMBERS WHO RETIRED
PRIOR TO JULY 1, 1955, AS WELL AS TO THOSE WHO RE-
TIRED ON OR AFTER THAT DATE.]

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1971. BY THE GENERAL ASSEMBLY OF MARYLAND,
THAT SECTION 190(15) OF ARTICLE 77 OF THE ANNO-
TATED CODE OF MARYLAND (1969 REPLACEMENT VOL-
UME AND 1970 SUPPLEMENT), TITLE "PUBLIC EDUCA-
TION," SUBTITLE "CHAPTER 17. TEACHERS' RETIREMENT
SYSTEM," BE AND IT IS HEREBY REPEALED AND RE-
ENACTED, WITH AMENDMENTS TO READ AS FOLLOWS:

190.

(15) "AVERAGE FINAL COMPENSATION" SHALL MEAN
THE AVERAGE ANNUAL EARNABLE COMPENSATION OF A
TEACHER FOR THE [FIVE CONSECUTIVE YEARS] THREE
YEARS OF SERVICE, AS A TEACHER DURING WHICH HIS
EARNABLE COMPENSATION WAS HIGHEST, OR IF HE HAD
LESS THAN [FIVE] THREE YEARS OF SERVICE, THEN HIS
AVERAGE EARNABLE COMPENSATION FOR HIS TOTAL
SERVICE. EFFECTIVE JULY 1, 1971, THE PROVISIONS OF
THIS SUBSECTION SHALL BE APPLICABLE TO MEMBERS
WHO RETIRED AFTER JULY 1, 1970, AS WELL AS TO
THOSE MEMBERS WHO RETIRE ON OR AFTER JULY 1,
1971. EFFECTIVE JULY 1, 1972, THE PROVISIONS OF THIS
SUBSECTION SHALL BE APPLICABLE TO THOSE MEMBERS
WHO RETIRED ON OR PRIOR TO JULY 1, 1970.

[BEGINNING JULY 1, 1963, THE PROVISIONS OF THIS
SUBSECTION SHALL APPLY TO MEMBERS WHO RETIRED
PRIOR TO JULY 1, 1955, AS WELL AS THOSE WHO RETIRED
ON OR AFTER THAT DATE.]

Sec. 3. AND BE IT FURTHER ENACTED, THAT FOR THE
1972 FISCAL YEAR ONLY THE ADJUSTMENT AUTHORIZED
BY SECTIONS 1(15) AND 190(15) OF THIS ACT SHALL BE
PAYABLE ONLY FROM AND TO THE EXTENT THAT MONIES
TO PAY THE ADJUSTMENTS ARE AVAILABLE FROM EX-
CESS INVESTMENT EARNINGS OF THE SYSTEMS.

Sec. 4. AND BE IT FURTHER ENACTED, That this 'Act shall
TAKE EFFECT JULY 1, 1971.

Approved May 17, 1971.

CHAPTER 564
(House Bill 842)

AN ACT to repeal and re-enact, with amendments, Section 616½
of Article 27 of the Annotated Code of Maryland (1971 Replace-