988                                        LAWS OF MARYLAND                                Ch. 460

AND SHALL (consist of:

(a)   An annuity which shall be the actuarial equivalent of the member's
accumulated contributions at age sixty; and

(b)  A pension computed as provided under paragraphs (b), (c) and (e) of § 11
(3) of this article on the basis of his creditable service and average final
compensation at the time his service is terminated.] BE COMPUTED AS A
SERVICE RETIREMENT ALLOWANCE AS PROVIDED UNDER
PARAGRAPH (A) OF SECTION 11(3) OF THIS ARTICLE ON THE BASIS
OF THE MEMBER'S CREDITABLE SERVICE AND AVERAGE FINAL
COMPENSATION AT THE TIME HIS SERVICE IS TERMINATED.

Should the member who has elected a vested retirement allowance request the
return of his contributions or die prior to the date when the first payment of his
retirement allowance becomes normally due, the amount of his accumulated
contributions shall be returned and no further benefit shall be due or become
payable on account of his previous membership.

11A.

(e) In no instance shall any retired member receive less than the benefits to
which he would be entitled under the provisions of [§§] § 11 [and 14(7)] of this
article[.]; PROVIDED FURTHER [[THAN]] 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
OR MORE YEARS OF SERVICE SHALL NOT RECEIVE BENEFITS IN
ANY AMOUNT LESS THAN [[$3,600]] $4,000 PER ANNUM.

12.

(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.

13.

(2) [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 the member's
accumulated contributions from the time of his leaving shall be three per centum.
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 §
1, 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 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; any additional
amounts 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.)