Ch. 460                             MARVIN MANDEL, Governor                                1017

Reserve Fund, the Pension Accumulation Fund and the Pension Reserve Fund]
PURPOSES OF THE ACTUARIAL VALUATIONS shall mean such per
centum rate OR RATES to be compounded annually as shall be determined by
the board of trustees annually after taking into consideration the actual earnings of
the system for the preceding years and the probable earnings of the system to be
made in the future; such rates shall be limited to a minimum of three per centum
and a maximum of [four] FIVE per centum. [The amounts so allowed shall be
due and payable to said funds, and shall be annually credited thereto by the board
of trustees from interest and other earnings on the moneys of the Retirement
System; and any additional amount required to meet the interest on the funds of
the Retirement System shall be paid by the State of Maryland, and any excess of
earnings over such amount required shall be deductible from the amounts to be
contributed by the State of Maryland.]

As to any member who after June 1, 1958, leaves, and is no longer in active
service as an employee, the rate of regular interest credited to member's
accumulated contributions from the time of his leaving shall be three per centum.

56.

All of the assets of the retirement system shall be credited, according to the
purpose for which they are held, among [five] THREE funds, namely, the Annuity
Savings Fund, the [Annuity Reserve Fund, the Pension] Accumulation Fund,
[The Pension Reserve Fund,] and the Expense Fund.

(l)(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	8.30%
21	8.40
22	8.55
23	8.65
24	8.80
25	8.95
26	9.15
27	9.30
28	9.50
29	9.70
30	9.95
31	10.20
32	10.45
33	10.75
34	11.05
35	11.40
36	11.55
37	11.70
38	11.85
39	12.00
40	12.20
41	12.35
42	12.50
43	12.70
44	12.85
45	13.00