958                                        LAWS OF MARYLAND                                Ch. 459

Should the member who has elected a vested retirement allowance request the
return of his contributions or die prior to the date when the first payment of his
retirement allowance becomes normally due. the amount of his accumulated
contributions shall be returned and no further benefit shall be due or become
payable on account of his previous membership.

195A.

(e) In no instance shall any retired member receive less than the benefits to
which he would be entitled under the provisions of [§§] §195 [and 198(7)] of this
article [.]; PROVIDED FURTHER THAT 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 [[$3600]] $4,000 PER ANNUM.

196.

(16) 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 system created by this
subtitle.

197.

(2) [The board of trustees annually shall allow regular interest on the mean
amount for the preceding year in each of the funds with the exception of the
Expense Fund.] Annuity Savings Fund is defined in § 190 subsection (12) of this
article. "Regular interest" for the [Annuity Reserve Fund, the Pension
Accumulation Fund and the Pension Reserve Fund] PURPOSE 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 interest 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 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 amount
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.]

198.

All of the assets of the retirement system shall be credited according to the
purpose for which they are held to one of [five] THREE funds, namely, the
Annuity Savings Fund, [The Annuity Reserve 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
compensation which, when deducted from each payment of his prospective
earnable annual compensation prior to his attainment of age 60 and accumulated
at interest of four per centum per annum compounded annually, until his