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Session Laws, 1973
Volume 709, Page 1018   View pdf image
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1018                                      LAWS OF MARYLAND                                Ch. 460

46                         13.20

47                         13.40

48                         13.55

49 and over                                   13.75

Such proportion of compensation shall, with respect to members who become
employees prior to the date of establishment, be determined upon the basis of his
age on July 1, 1949, less his years of prior service, provided the age so computed
shall not be greater than the age of 49.]

(b)   [The board of trustees shall certify to the head of the department, and]
COMMENCING AS OF JULY 1, 1973, the head of the department shall cause
to be deducted from the salary of each member on each and every payroll of such
department for each and every payroll period, [the proportion] EIGHT PER
CENTUM of HIS earnable compensation [applicable to such member). In
determining the amount earnable by a member in a payroll period, the board of
trustees may consider the annual compensation payable to such member on the
first day of the payroll period as continuing throughout such payroll period and it
may omit deduction from compensation for any period less than a full payroll
period if an employee was not a member on the first day of the payroll period, and
to facilitate the making of deductions it may modify the deduction required of any
member by such an amount as shall not exceed one tenth of one per centum of the
annual compensation upon the basis of which such deduction is made.

(c)  The deductions provided for herein shall be made notwithstanding that the
minimum compensation provided for by law for any member shall be reduced
thereby. Every member shall be deemed to consent and agree to the deductions
made and provided herein and shall receipt for his full salary or compensation; and
payment of salary or compensation less such deduction shall be a full and complete
discharge and acquittance of all claims and demands whatsoever for the services
rendered by such person during the period covered by such payment, except as to
the benefits provided under this subtitle. The head of the department shall certify
to the board of trustees on each and every payroll, or in such other manner as the
board of trustees may prescribe, the amounts to be deducted; and each of said
amounts shall be deducted, and when deducted shall be paid into said Annuity
Savings Fund, and shall be credited, together with regular interest thereon, to the
individual account of the member from whose compensation said deduction was

(d)  Notwithstanding the preceding provisions, no deduction shall be made from
any member's compensation with respect to which the State's contributions are in

(e)   Subject to the approval of the board of trustees, in addition to the
contributions deducted from compensation as hereinbefore provided, any member
may redeposit in the Annuity Savings Fund by a single payment or by an increased
rate of contribution an amount computed to be sufficient to purchase an additional
annuity which together with his prospective retirement allowance, will provide for
him a total retirement allowance not in excess of one half of his average final

.compensation at the age of 50. Such additional amounts so deposited shall become
a part of his accumulated contributions except in the case of retirement, when they
shall be treated as excess contributions returnable to the member in cash or as an
annuity of equivalent actuarial value.

(f)    The accumulated contributions of a member withdrawn by him, or paid to
his estate or to his designated beneficiary in event of his death, as provided in this
subtitle, shall be paid from [an] THE Annuity Savings Fund. Upon the retirement
of a member his accumulated contributions shall be transferred from the Annuity


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Session Laws, 1973
Volume 709, Page 1018   View pdf image
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