Ch. 460                             MARVIN MANDEL, Governor                                1001

195.

(2) Upon retirement for service a member shall receive a service 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 shall be equal to one one-hundred and twentieth 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] BE COMPUTED AS:

(A) ONE FIFTY-FIFTH of his average final compensation multiplied by the
number of years of HIS CREDITABLE service [certified on his prior service
certificate;].

[(d)] (B) 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] years of
creditable service, the [pension and additional pension, if any, shall be] SERVICE
RETIREMENT ALLOWANCE 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 years of creditable service would have
been rendered had the member continued in service, whichever occurs first, in the
amounts computed 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 retirement
allowance deferred to commence upon the attainment of the age of sixty or the age
at which thirty-five years of 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) (1) 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 provided further that 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
creditable service, or would have attained age fifty-five and would have rendered
thirty years of creditable service, whichever calculation provides the least actuarial
reduction.] REDUCED BY ONE-HALF OF ONE PER CENTUM FOR EACH
MONTH BY WHICH HIS DATE OF RETIREMENT PRECEDES THE
EARLIER OF (I) THE DATE HE WOULD HAVE ATTAINED AGE SIXTY
OR (II) THE DATE HE WOULD HAVE COMPLETED THIRTY YEARS OF
CREDITABLE SERVICE HAD HE CONTINUED IN SERVICE.

(C) PROVIDED THAT IN THE CASE OF ANY MEMBER WHO HAS
ELECTED TO DISCONTINUE CONTRIBUTIONS IN ACCORDANCE
WITH THE PROVISIONS OF § 198(1)(B), THE SERVICE RETIREMENT
ALLOWANCE SHALL BE REDUCED BY THE ACTUARIAL
EQUIVALENT OF THOSE CONTRIBUTIONS WHICH HE HAS NOT
PAID, WITH INTEREST TO DATE OF RETIREMENT.

[(e)] (D)(l) Notwithstanding anything in this subtitle to the contrary, 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