942                                        LAWS OF MARYLAND                                Ch. 459

contributions shall be returned and no further benefit shall be due or become
payable on account of his previous membership.

11A.

(e) In no instance shall any retired member receive less than the benefits to
which he would be entitled under the provisions of [§§] § 11 [and 14(7)] of this
article[.]: PROVIDED FURTHER THAN ANY MEMBER RETIRED PRIOR
TO JULY 1, 1973, SHALL IN NO INSTANCE, RECEIVE LESS BENEFITS
THAN HE HAD RECEIVED PRIOR TO SUCH DATE. ANY MEMBER
WHO RETIRED PRIOR TO JULY 1, 1958, WITH THIRTY OR MORE
YEARS OF SERVICE SHALL NOT RECEIVE BENEFITS IN ANY
AMOUNT LESS THAN [[$3,600]] $4,000 PER ANNUM.

12.

(17) On the basis of such REGULAR INTEREST RATE OR RATES AND

tables as the board of trustees shall adopt, the actuary shall make an annual
valuation of the assets and liabilities of the funds of the retirement system.

13.

(2) [As to any member who after June I, 1958, leaves, and is no longer in
active service as an employee, the rate of regular interest credited to the member's
accumulated contributions from the time of his leaving shall be three per centum.
The board of trustees annually shall allow regular interest on the mean amount for
the preceding year in each of the funds except the Annuity Savings Fund and the
Expense Fund.]. "Regular interest" for the Annuity Savings Fund is defined in §
1, subsection (12) of this article. "Regular interest" for the [Annuity 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 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; any additional
amounts 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.]

14.

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

(1) (a) The Annuity Savings Fund shall be a fund in which shall be accumulated
contributions from the compensation of members to provide for their annuities.
Upon the basis of such tables as the board of trustees shall adopt and an interest
rate of four per centum per annum compounded annually, the actuary of the
retirement system shall determine for each member WHO SHALL HAVE
BECOME A MEMBER PRIOR TO JULY 1, 1973, the proportion of earnable
compensation which, when deducted from each payment of his prospective
compensation earnable prior to his attainment of the age of 60 and accumulated at