Ch. 459                             MARVIN MANDEL, Governor                                  971

56.

All of the assets of the retirement system shall be credited, according to the
purpose for which they are held, among [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 deducted from the compensation of members to provide for their
annuities. [Such contributions shall be for each member, at the rate determined in
accordance with the following table:

Age at Entry	Proportion of
into System	Earnable Compensation
20	8.30%
21	8.40
22	8.55
23	8.65
24	8.80
25	8.95
26	9.15
27	9.30
28	9.50
29	9.70
30	9.95
31	10.20
32	10.45
33	10.75
34	11.05
35	11.40
36	11.55
37	11.70
38	11.85
39	12.00
40	12.20
41	12.35
42	12.50
43	12.70
44	12.85
45	13.00
46	13.20
47	13.40
48	13.55
49 and over	13.75

Such proportion of compensation shall, with respect to members who become
employees prior to the date of establishment, be determined upon the basis of his
age on July 1, 1949, less his years of prior service, provided the age so computed
shall not be greater than the age of 49.]

(b) [The board of trustees shall certify to the head of the department, and]
COMMENCING AS OF JULY 1, 1973, the head of the department shall cause
to be deducted from the salary of each member on each and every payroll of such
department for each and every payroll period, [the proportion] EIGHT PER
CENTUM of HIS earnable compensation [applicable to such member]. In
determining the amount earnable by a member in a payroll period, the board of
trustees may consider the annual compensation payable to such member on the
first day of the payroll period as continuing throughout such payroll period and it