1016                                      LAWS OF MARYLAND                                Ch. 460

(b) A pension which, together with his annuity shall provide a total retirement
allowance equal to two per centum] BE COMPUTED AS ONE FORTY-FIFTH
of his average final compensation for each of the first twenty-five years of
creditable service and one [per centum] NINETIETH of his average final
compensation for each year after the first twenty-five years of creditable service,
but in no event shall the total retirement allowance be less than thirty-five per
centum of his average final compensation.

(B) EFFECTIVE JULY 1, 1973, THE PROVISIONS OF THIS
SUBSECTION SHALL BE APPLICABLE TO MEMBERS WHO RETIRED
PRIOR TO JULY 1, 1973.

53.

(8) (A) Upon the receipt of proper proofs of the death of a member in service
there shall be paid TO THE MEMBER'S ESTATE OR to such person having an
insurable interest in the life of the deceased, as he shall have nominated by written
designation duly executed and filed with the board of trustees [, otherwise to his
estate]:

[(a)] (I) THE MEMBER'S [his] accumulated contributions; and

[(b)] (II) If the member has one through two years of creditable service, an
amount equal to [fifty per centum of his average final compensation] HIS
ANNUAL EARNABLE COMPENSATION AT THE TIME OF HIS DEATH.

(B) THE BOARD OF TRUSTEES IS AUTHORIZED TO TAKE SUCH
STEPS AS ARE NECESSARY TO PROVIDE THE DEATH BENEFIT
UNDER THIS SUBSECTION IN THE FORM OF GROUP LIFE
INSURANCE, IF, IN THE OPINION OF THE BOARD OF TRUSTEES,
SUCH PROVISION WOULD ALLOW A MORE FAVORABLE TAX
TREATMENT OF THE BENEFIT TO THE BENEFICIARIES THEREOF.

No ordinary death benefit shall be paid for the death of any member whenever
a special death benefit shall be paid for the same.

53A.

(e) In no instance shall any retired member receive less than the benefits to
which he would be entitled under the provisions of [§§] §53 [and 56(7)] of this
article[.] PROVIDED FURTHER THAT ANY MEMBER RETIRED PRIOR
TO JULY 1, 1973, SHALL, IN NO INSTANCE, RECEIVE LESS BENEFITS
THAN HE HAD RECEIVED PRIOR TO SUCH DATE. ANY MEMBER
WHO RETIRED PRIOR TO JULY 1, 1958 WITH THIRTY (30) OR MORE
YEARS OF SERVICE SHALL NOT RECEIVE BENEFITS IN ANY
AMOUNT LESS THAN [[THIRTY-SIX HUNDRED DOLLARS ($3,600)]]
FOUR THOUSAND DOLLARS ($4,000) PERANNUM.

54.

(17) On the basis of such REGULAR INTEREST RATE OR RATES AND
tables as the board of trustees shall adopt, the actuary shall make an annual
valuation of the assets and liabilities of the funds of the Retirement System.

55.

(2) [The board of trustees annually shall allow regular interest on the mean
amount for the preceding year in each of the funds except the Annuity Savings
Fund and the Expense Fund.] "Regular interest" for the Annuity Savings Fund is
defined in § 49, subsection (12) of this article. "Regular interest" for the [Annuity