Ch. 460                             MARVIN MANDEL, Governor                                  985

and shall be the actuarial equivalent at that time of a pension and additional
pension payable at the age of sixty or at the age at which thirty-five years of
creditable service would have been rendered had the member continued in service,
whichever occurs first, in the amounts computed as provided in (b) and (c) above
and (e) (1) below; or such member may elect at the time of retirement to have his
service retirement allowance deferred to commence upon the attainment of the age
of sixty or the age at which thirty-five years of creditable service would have been
rendered had the member continued in service, whichever occurs first, in which
event the annuity shall be the actuarial equivalent of his accumulated contributions
at that age, and the pension or pensions under (b) and (c) above and (e) (1) below
shall be in the amounts computed as therein provided. Further, provided that a
member who has rendered at least thirty years of creditable service and has
attained age fifty-five may also receive the benefits set forth in subsections (b), (c),
and (e) of this section without actuarial reduction, and provided further that any
such actuarial reduction of benefits, as set forth in this subsection shall be
calculated from age sixty, or from the age at which the member would have
rendered thirty-five years of creditable service, or would have attained age fifty-five
and would have rendered thirty years of creditable service, whichever calculation
provides the least actuarial reduction.

(e) (1) Notwithstanding anything in this subtitle to the contrary, if the
retirement allowance consisting of the annuity resulting from the member's regular
contributions and the pension determined in accordance with paragraphs (b) and
(c) above is less than one-sixtieth of average final compensation for each year of
creditable service, an additional pension equal to the difference between such
allowance shall be payable; except that as to any such member who contributed on
the basis of retirement at age 65 under the provisions of § 14 (1) (b), and as to any
elected or appointed official or employee who waived the payment of such
contributions as provided in §§ 3 (5) and 9 (7), and any member who elects to
discontinue contributions in accordance with the provisions of § 14 (1) (b), the
additional pension so provided herein shall be reduced by the actuarial equivalent
of those contributions which he had not paid, with interest to date of retirement;
provided, that if the member who has not attained the age of sixty at the time of
retirement has rendered less than thirty-five years of creditable service, the
additional pension equal to the difference between such allowance shall be reduced
on an actuarial equivalent basis, unless the member has attained the age of
fifty-five and has rendered at least thirty years of creditable service.

(2)  The annuity provided as a result of voluntary contributions permitted under
this subtitle and its amendments shall be payable and shall not be used in
determining the additional pension, if any, payable under this subdivision, nor in
determining the disability pension under § 11, subsection (5).

(3)  The payment of the additional pensions provided herein shall be provided for
in the budget bill submitted to the General Assembly by the Governor and on
receipt of the warrant of the Comptroller, annual payments shall be made by the
Treasurer of the State of Maryland to the aforesaid retirement system of the
amounts required to meet the current disbursements for such additional pensions.

(4)  The additional pensions provided herein shall be provided for the employees
of municipal corporations upon the approval of the legislative body of any such
municipal corporation participating in the Employees' Retirement System.

(5)   Any member of the system who made additional voluntary contributions
under § 14 (1) (e) of this article may withdraw the additional amount of
contributions with interest, provided that refund is requested within one year after
July 1, 1963.

(6)  The provisions of subsection (3) (e) herein apply to members who retired
prior to June 30, 1962, as well as to those who retire after that date.]