940                                        LAWS OF MARYLAND                                Ch. 459

average final compensation, provided, however, that no such allowance shall exceed
one sixtieth of his average final compensation multiplied by the number of years
which would be creditable to him were his service to continue until the attainment
of age 601 BE COMPUTED AS ONE FIFTY-FIFTH OF HIS AVERAGE
FINAL COMPENSATION MULTIPLIED BY THE NUMBER OF YEARS
OF HIS CREDITABLE SERVICE BUT NOT LESS THAN ONE-QUARTER
OF HIS AVERAGE FINAL COMPENSATION; PROVIDED, HOWEVER,
THAT NO SUCH ALLOWANCE SHALL EXCEED ONE FIFTY-FIFTH OF
HIS AVERAGE FINAL COMPENSATION MULTIPLIED BY THE
NUMBER OF YEARS WHICH WOULD BE CREDITABLE TO HIM WERE
HIS SERVICE TO CONTINUE UNTIL THE ATTAINMENT OF AGE
SIXTY. EFFECTIVE JULY 1, 1973, THE PROVISIONS OF THIS
SUBSECTION (5) SHALL APPLY TO MEMBERS WHO RETIRED PRIOR
TO JULY I, 1973.

11.

(9) (A) Upon the receipt of proper proofs of the death of a member in service,
and provided that no benefit is payable under the provisions of § 11 (11) (b) of this
article, there shall be paid TO THE MEMBER'S ESTATE OR to such person as
the member shall have nominated by written designation duly executed and filed
with the Board of Trustees [,otherwise to his estate]:

[(a)];(I) The member's accumulated contributions; and

[(b)];(II) If the member has one or more years of creditable service, an amount
equal to [fifty per centum of the member's average final compensation] THE
MEMBER'S ANNUAL EARNABLE COMPENSATION AT THE TIME OF
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.

(11) (a) In lieu of the disability or service allowances payable under the
aforesaid provisions, any member may, prior to the first retirement allowance
payment normally due, elect a retirement allowance of equivalent actuarial value in
one of the optional forms set out below. The election of the option shall be made
on a form provided for that purpose and shall be filed with the board of trustees.
Should a member die prior to the expiration of thirty days after the date of the
filing of such election or prior to thirty days after retirement, such election shall be
void and of no effect, and the benefits payable on his account shall be the same as
though his election had not been filed and he had died in active service. A member
who has elected an optional benefit may change such election by due notice to the
board of trustees, but no change may be made after the first payment of his
allowance becomes normally due.

Option 1. If he dies before he has received in payments the present value of his
retirement allowance as it was at the time of his retirement, the balance shall be
paid to his legal representatives or to such person as he shall nominate by written
designation duly acknowledged and filed with the board of trustees; or

Option 2. Upon his death, his reduced retirement allowance shall be continued
throughout the life of and paid to such person as he shall nominate by written
designation duly acknowledged and filed with the board of trustees at the time of
his retirement; or