972                                        LAWS OF MARYLAND                                Ch. 459

may omit deduction from compensation for any period less than a full payroll
period if an employee was not a member on the first day of the payroll period, and
to facilitate the making of deductions it may modify the deduction required of any
member by such an amount as shall not exceed one tenth of one per centum of the
annual compensation upon the basis of which such deduction is made.

(c)  The deductions provided for herein shall be made notwithstanding that the
minimum compensation provided for by law for any member shall be reduced
thereby. Every member shall be deemed to consent and agree to the deductions
made and provided herein and shall receipt for his full salary or compensation: and
payment of salary or compensation less such deduction shall be a full and complete
discharge and acquittance of all claims and demands whatsoever for the services
rendered by such person during the period covered by such payment, except as to
the benefits provided under this subtitle. The head of the department shall certify
to the board of trustees on each and every payroll, or in such other manner as the
board of trustees may prescribe, the amounts to be deducted: and each of said
amounts shall be deducted, and when deducted shall be paid into said Annuity
Savings Fund, and shall be credited, together with regular interest thereon, to the
individual account of the member from whose compensation said deduction was
made.

(d)  Notwithstanding the preceding provisions, no deduction shall be made from
any member's compensation with respect to which the State's contributions are in
default.

(e)   Subject to the approval of the board of trustees, in addition to the
contributions deducted from compensation as hereinbefore provided, any member
may redeposit in the Annuity Savings Fund by a single payment or by an increased
rate of contribution an amount computed to be sufficient to purchase an additional
annuity which together with his prospective retirement allowance, will provide for
him a total retirement allowance not in excess of one half of his average final
compensation at the age of 50. Such additional amounts so deposited shall become
a part of his accumulated contributions except in the case of retirement, when they
shall be treated as excess contributions returnable to the member in cash or as an
annuity of equivalent actuarial value.

(f) The accumulated contributions of a member withdrawn by him, or paid to
his estate or to his designated beneficiary in event of his death, as provided in this
subtitle, shall be paid from [an] THE Annuity Savings Fund. Upon the retirement
of a member his accumulated contributions shall be transferred from the Annuity
Savings Fund to the [Annuity Reserve] ACCUMULATION Fund.

(2) [The Annuity Reserve Fund shall be the fund in which shall be held the
reserves on all annuities in force and from which shall be paid all annuities and all
benefits in lieu of annuities, payable as provided in this subtitle. Should a
beneficiary retired on account of disability be restored to membership, his annuity
reserve shall be transferred from the Annuity Reserve Fund to the Annuity Savings
Fund and credited to his individual account therein.

(3)] (a) The [Pension] Accumulation Fund shall be the fund in which shall be
accumulated all reserves for the payment of all pensions and other benefits payable
from contributions made by the State and from which shall be paid ALL
RETIREMENT ALLOWANCES AND the lump sum death benefits payable
from said contributions. Contributions to and payments from the [Pension]
Accumulation Fund shall be made as follows:

(b) On account of each member there shall be paid annually in the [Pension]
Accumulation Fund by the State for the preceding fiscal year an amount equal to