766

Laws of Maryland

[Ch. 232

Option 1. If the member dies before he has received in payments
the present value of his retirement allowance as it was at the time
of his retirement, the balance shall be paid to his legal representa-
tives or to such person as he shall nominate by written designation
duly acknowledged and filed with the board of trustees; or

Option 2. Upon his death, his reduced retirement allowance shall
be continued throughout the life of and paid to such person having
an insurable interest as he shall nominate by written designation
duly acknowledged and filed with the board of trustees at the time
of his retirement; or

Option 3. Upon his death, one half of his reduced retirement
allowance shall be continued throughout the life of and paid to such
person having an insurable interest as he shall nominate by written
designation duly acknowledged and filed with the board of trustees
at the time of his retirement; or

Option 4. Some other benefit or benefits shall be paid either to
the member or to such person or persons as he shall nominate, pro-
vided such other benefit or benefits, together with the reduced retire-
ment allowance, shall be certified by the actuary to be of equivalent
actuarial value to his retirement allowance, and shall be approved
by the board of trustees.]

56.

All of the assets of the Retirement System shall be credited,
according to the purpose for which they are held, among five funds,
namely, the Annuity Savings Fund, the Annuity Reserve Fund, the
Pension Accumulation Fund, the Pension Reserve Fund, and the
Expense Fund.

(1) (a) The Annuity Savings Fund shall be a fund in which shall
be accumulated contributions deducted from the compensation of
members to provide for their annuities. Such contributions shall be
for each member, at the rate determined in accordance with the
following table:

Age at Entry		Proportion of
into system	Earnable Compensation
20		[7.80%]	8.30%
21		[7.90 ]	8.40
22		[ 8.05 ]	8.55
23		[ 8.15 ]	8.65
24		[ 8.30 ]	8.80
25		[ 8.45 ]	8.95
26		[ 8.65 ]	9.15
27		[ 8.80 ]	9.30
28		[ 9.00 ]	9.50
29		[ 9.20 ]	9.70
30		[ 9.45 ]	9.95
31		[9.70 ]	10.20
32		[ 9.95 ]	1045
33		[10.25 ]	10.75
34		[10.55 ]	11.05
35		[10.90 ]	1140