1850                             Laws of Maryland                      [Ch. 734

(1) below; or such member may elect at the time of retirement to
have his service retirement allowance deferred to commence upon the
attainment of the age of sixty or the age at which [thirty-five]
thirty years of crediable CREDITABLE 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)(l) below shall be in the amounts
computed as therein provided. FURTHER, PROVIDED THAT A
MEMBER WHO HAS RENDERED AT LEAST THIRTY YEARS
OF CREDITABLE SERVICE AND HAS ATTAINED AGE
FIFTY-FIVE MAY ALSO RECEIVE THE BENEFITS SET
FORTH IN SUBSECTIONS (B), (C), AND (E) OF THIS
SECTION WITHOUT ACTUARIAL REDUCTION, AND PRO-
VIDED FURTHER THAT ANY SUCH ACTUARIAL REDUC-
TION OF BENEFITS, AS SET FORTH IN THIS SUBSEC-
TION SHALL BE CALCULATED FROM AGE SIXTY, OR
FROM THE AGE AT WHICH THE MEMBER WOULD HAVE
RENDERED THIRTY-FIVE YEARS OF CREDITABLE SERV-
ICE, OR WOULD HAVE ATTAINED AGE FIFTY-FIVE AND
WOULD HAVE RENDERED THIRTY YEARS OF CREDIT-
ABLE SERVICE, WHICHEVER CALCULATION PROVIDES
THE LEAST ACTUARIAL REDUCTION.

(e)(l) 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 as to any such member who
contributed on the basis of retirement at age 65 under the provi-
sions of Section 14 (l)(b), and as to any elected or appointed
official or employee who waived the payment of such contribu-
tions 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 (l)(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]
thirty years of creditable service, the additional pension equal to
the difference between such allowance shall be reduced on an actuarial
equivalent basis., UNLESS THE MEMBER HAS ATTAINED THE
AGE OF FIFTY-FIVE AND HAS RENDERED AT LEAST
THIRTY YEARS OF CREDITABLE SERVICE.

(2)    The annuity provided as a result of voluntary contributions
permitted under this subtitle and its amendments shall be payable
and shall not be used in determining the additional pension, if any,
payable under this subdivision, nor in determining the disability
pension under Section 11, subsection (5).

(3)    The payment of the additional pensions provided herein
shall be provided for in the budget bill submitted to the General
Assembly by the Governor and on receipt of the warrant of the
Comptroller, annual payments shall be made by the Treasurer of the