Ch. 459                             MARVIN MANDEL, Governor                                  967

(16)   "Annuity" shall mean payments for life derived from the accumulated
contributions of a member. All annuities shall be payable in equal monthly
instalments.

(17)  "Pension" shall mean payments for life derived from money provided by
the State. All pensions shall be payable in equal monthly instalments.

(18)   "Retirement allowance" shall mean the sum of the annuity and the
pension, or any optional benefit payable in lieu thereof.

(19)  "Retirement" shall mean withdrawal from active service with a retirement
allowance granted under the provisions of this subtitle.

(20)  "Annuity reserve" shall mean the present value of all payments to be made
on account of any annuity, or benefit in lieu of any annuity computed upon the
basis of such mortality tables as shall be adopted by the board of trustees, and
regular interest.

(21)  "Pension reserve" shall mean the present value of all payments to be made
on account of any pension, or benefit in lieu of any pension, computed upon the
basis of such mortality tables as shall be adopted by the board of trustees, and
regular interest.

(22)  "Actuarial equivalent" shall mean a benefit of equal value when computed
upon the basis of such mortality tables as shall be adopted by the board of
trustees, and regular interest.

(23)  "Gender." The masculine pronoun wherever used shall include the feminine
pronoun.

51.

The membership of the Retirement System shall consist of the following:

(1)    Who may become member; time for becoming member; effect of
membership; rate of contribution. —Any person who shall become an employee as
herein defined after the date of establishment shall become a member of the
retirement system as a condition of employment, and shall not be entitled to
receive any pension or retirement allowance from any other pension or retirement
system supported wholly or in part by the State of Maryland, anything to the
contrary notwithstanding. Any person, employed during the period July 1, 1970
through June 30, 1972, who elected not to join the retirement system, must become
a member on the two year anniversary date of his employment [. The rate of
contribution of such employee shall be determined by his age at the time he
actually joins the system, and will not be reduced for reason of service prior to
joining,] provided, however, that any such employee may purchase credit for
service before joining by paying the contributions due, BASED ON THE RATE
DETERMINED FOR HIS AGE AT MEMBERSHIP PURSUANT TO §
56(1)(A) AS IN EFFECT ON HIS DATE OF EMPLOYMENT plus interest
ON SUCH CONTRIBUTIONS. Such purchase may be made at any time prior
to retirement.

(2)  Time of becoming member. — Any person who is an employee on the date
of establishment, except any person for whom special provision is made under
subsection (3) of this section, shall become a member as of that date.

(3)  Election not to become member. — Any person who is an employee on the
date of establishment and who is on that date and has been since June 1, 1935, a
member of the State Police pension fund shall become a member as of the date of
establishment unless within a period of thirty days next following such employee