1296                             Laws of Maryland                      [Ch. 409

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

(b)  A pension which shall be equal to one one-hundred and twen-
tieth of his average final compensation multiplied by the number of
years of his service since he last became a member; and

(c)   If he has a prior service certificate in full force and effect,
an additional pension which shall be equal to one sixtieth of his
average final compensation multiplied by the number of years of
service certified on his prior service certificate;

(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] thirty years of creditable service, the pension and addi-
tional 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] thirty
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] thirty years of credit-
able service would have been rendered had the member continued 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)
(1) below shall be in the amounts computed as therein provided. A
MEMBER WHO HAS RENDERED AT LEAST THIRTY YEARS
OF CREDITABLE SERVICE AND HAS ATTAINED THE AGE
OF FIFTY-FIVE MAY ALSO RECEIVE THE BENEFITS SET
FORTH IN SUBSECTIONS (B), (C), AND (E) OF THIS SEC-
TION WITHOUT ACTUARIAL REDUCTION, AND ANY SUCH
ACTUARIAL REDUCTION OF BENEFITS, AS SET FORTH IN
THIS SUBSECTION SHALL BE CALCULATED FROM AGE
SIXTY, OR FROM THE AGE AT WHICH THE MEMBER
WOULD HAVE RENDERED THIRTY-FIVE YEARS OF CRED-
ITABLE SERVICE, OR WOULD HAVE ATTAINED AGE FIFTY-
FIVE AND WOULD HAVE RENDERED THIRTY YEARS OF
CREDITABLE SERVICE, WHICHEVER CALCULATION PRO-
VIDES THE LEAST ACTUARIAL REDUCTION.

(e)   (1) Notwithstanding anything in this subtitle to the con-
trary, if 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
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 any member who elects to
discontinue contributions in accordance with the provisions of Sec-
tion 198 (1) (b), the additional 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, how-
ever, that if the member who has not attained the age of sixty at
the time of retirement has rendered less than [thirty-five] thirty
years of creditable service, the additional pension equal to the differ-
ence between such allowance shall be reduced on an actuarial