938                                      LAWS OF MARYLAND                              Ch. 459

date of retirement.

(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]

(1)   NOTWITHSTANDING ANYTHING IN THIS SUBTITLE TO THE
CONTRARY, IF THE ANNUITY RESULTING FROM THE MEMBERS
REGULAR CONTRIBUTIONS IS LESS THAN ONE-HALF OF THE
RETIREMENT ALLOWANCE FOR MEMBERSHIP SERVICE
DETERMINED UNDER PARAGRAPH (A)(I) OF THIS SUBSECTION (3)
THE DIFFERENCE, REFERRED TO HEREINAFTER AS THE
"ADDITIONAL PENSION", SHALL BE PAYABLE AS PROVIDED
UNDER SECTION 3(B)(3); EXCEPT THAT SUCH ADDITIONAL PENSION
SHALL BE REDUCED BY THE AMOUNT, IF ANY, DETERMINED
UNDER PARAGRAPH (A) (II) OF THIS SUBSECTION (3).

(2)   THE ANNUITY PROVIDED AS A RESULT OF VOLUNTARY
CONTRIBUTIONS PERMITTED UNDER THIS SUBTITLE AND ITS
AMENDMENTS SHALL BE PAYABLE AND SHALL NOT BE USED IN
DETERMINING THE ADDITIONAL PENSION, IF ANY, DETERMINED
UNDER THIS SUBDIVISION.

(3)  THE PAYMENT OF THE ADDITIONAL PENSIONS DETERMINED
HEREIN SHALL BE PROVIDED FOR IN THE BUDGET BILL
SUBMITTED TO THE GENERAL ASSEMBLY BY THE GOVERNOR AND
ON RECEIPT OF THE WARRANT OF THE COMPTROLLER, ANNUAL
PAYMENTS SHALL BE MADE BY THE TREASURER OF THE STATE OF
MARYLAND TO THE AFORESAID RETIREMENT SYSTEM OF THE
AMOUNTS REQUIRED TO MEET THE CURRENT DISBURSEMENTS
FOR SUCH ADDITIONAL PENSIONS.

(4)     EFFECTIVE JULY 1, 1973, THE PROVISIONS OF THIS
SUBSECTION (3) SHALL APPLY TO MEMBERS WHO RETIRED PRIOR
TO JULY 1, 1973.

[(c) If he has a prior service certificate in full force and effect, an additional
pension which shall be equal to one sixtieth of his average final compensation
multiplied by the number of years of service certified on his prior service
certificates;

(d) 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 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