970                                        LAWS OF MARYLAND                                Ch. 459

[(a)] (I) THE MEMBER'S [his] accumulated contributions; and

[(b)] (II) If the member has one through two years of creditable service, an
amount equal to [fifty per centum of his average final compensation] HIS
ANNUAL EARNABLE COMPENSATION AT THE TIME OF HIS 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.

No ordinary death benefit shall be paid for the death of any member whenever
a special death benefit shall be paid for the same.

53A.

(e) In no instance shall any retired member receive less than the benefits to
which he would be entitled under the provisions of [§§] §53 [ and 56(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 (30) OR MORE
YEARS OF SERVICE SHALL NOT RECEIVE BENEFITS IN ANY
AMOUNT LESS THAN [[THIRTY-SIX HUNDRED DOLLARS ($3,600)]]
FOUR THOUSAND DOLLARS ($4.000) PER ANNUM.

54.

(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.

55.

(2) [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 § 49, 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 [four] 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; and 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.]

As to any member who after June 1, 1958, leaves, and is no longer in active
service as an employee, the rate of regular interest credited to member's
accumulated contributions from the time of his leaving shall be three per centum.