Ch. 459                             MARVIN MANDEL, Governor                                  937

such service credit from such employee, the board of trustees of the retirement
system shall verify the fact of such previous employment, the condition of the
termination of such previous employment, and the creditable service to which the
member is entitled, compute the amount due from such political subdivision for the
service for which credit is claimed, and submit a statement to the county or
municipal corporation for such amount, such computation to be based upon the
compensation actually received by such employee from the county or municipal
corporation during the period for which service is to be credited. The county or
municipal corporation is authorized and directed forthwith to pay the said amount
to the retirement system, or to place it in the next ensuing budget for prompt
payment when that budget becomes effective. The board of trustees is authorized
and directed to include any amount due from the State in the appropriation
allowed by the next ensuing State budget.

Any such member who receives membership service credit for service rendered
to the State or to any county or municipal corporation under the provisions of this
subsection shall pay to the retirement system by a single payment, within such
period of time as may be determined by the board of trustees, the contributions,
with interest, which he paid when he was a member of the retirement system but
withdrew. Provided, however, that any such member may waive the payment of
any or all such contributions, in which case upon retirement any SERVICE
RETIREMENT ALLOWANCE, ANY ordinary disability retirement allowance
or any allowance due to nonreappointment or nonreelection to any office payable
to such a member, shall be reduced by the actuarial equivalent of those
contributions which he had not paid, with interest to date of retirement.

The total retirement allowance that would have been payable to the beneficiary
had he not waived his contributions shall be used as the basis for the determination
of any supplemental payment under the provisions of § 14 (7) of this article.

(3) Upon retirement for service a member shall receive a service retirement
allowance which shall [consist of] BE COMPUTED AS:

(a) [An annuity which shall be the actuarial equivalent of his accumulated
contributions at the time of retirement; and] ONE FIFTY-FIFTH OF HIS
AVERAGE FINAL COMPENSATION MULTIPLIED BY THE NUMBER
OF YEARS OF HIS CREDITABLE SERVICE; PROVIDED, HOWEVER, (I)
THAT IF A MEMBER WHO HAS NOT ATTAINED THE AGE OF SIXTY
AT THE TIME OF HIS RETIREMENT HAS RENDERED LESS THAN
THIRTY YEARS OF CREDITABLE SERVICE, THE SERVICE
RETIREMENT ALLOWANCE PAYABLE AT RETIREMENT SHALL BE
REDUCED BY ONE-HALF OF ONE PER CENTUM FOR EACH MONTH
BY WHICH HIS DATE OF RETIREMENT PRECEDES THE EARLIER OF
(A) THE DATE HE WOULD HAVE ATTAINED AGE SIXTY OR (B) THE
DATE HE WOULD HAVE COMPLETED THIRTY YEARS OF
CREDITABLE SERVICE HAD HE CONTINUED IN SERVICE; AND (II)
PROVIDED FURTHER THAT IN THE CASE OF ANY MEMBER WHO
CONTRIBUTED ON THE BASIS OF RETIREMENT AT AGE 65 UNDER
THE PROVISIONS OF SECTION 14(1)(B), ANY ELECTED OR
APPOINTED OFFICIAL OR EMPLOYEE WHO WAIVED THE PAYMENT
OF SUCH CONTRIBUTIONS AS PROVIDED IN SECTION 3(5) AND 9(7),
AND ANY MEMBER WHO HAS ELECTED TO DISCONTINUE
CONTRIBUTIONS IN ACCORDANCE WITH THE PROVISIONS OF
SECTION 14(1)(B), THE SERVICE RETIREMENT ALLOWANCE SHALL
BE REDUCED BY THE ACTUARIAL EQUIVALENT OF THOSE
CONTRIBUTIONS WHICH HE HAS NOT PAID, WITH INTEREST TO