1592                                                LAWS OF MARYLAND                            [Ch. 392

regular interest. The normal rate of contribution shall
be determined by the actuary after each valuation.

(d)   Immediately succeeding the valuation as of June
30 1973; the actuary engaged by the board of trustees
shall compute the rate per centum of the total annual
earnable compensation of all members which is equivalent
to [four] FIVE per centum of the amount of the total
pension and death benefit liability on account of all
members and beneficiaries which is not dischargeable by
the funds in hand and the aforesaid normal contribution
made on account of such members during the remainder of
their active service. The rate per centum so determined
shall be known as the accrued liability contribution,
rate.

(e)  The total amount payable in each year to the
Accumulation Fund shall be not less than the sum of the
rates per centum known as the normal contribution rate
and the accrued liability contribution rate, of the total
compensation earnable by all members during the preceding
year; provided, however, that the aggregate payment by
the state shall be sufficient, when combined with the
amount in the fund, to provide the pensions and other
benefits payable out of the fund during the year then
current.

(f)   The accrued liability contribution shall be
discontinued as soon as the accumulated reserve in the
Accumulation Fund shall equal the present value, as
actuarially computed and approved by the board of
trustees, of the total liability of such fund less the
present value, computed on the basis of the normal
contribution rate then in force, of the prospective
normal contributions to be received on account of persons
who are at that time members.

(g)  All retirement allowances and all lump sum death
benefits on account of death in active service payable
from contributions of the State, shall be paid from the
Accumulation Fund.

(h) All interest and dividends earned on the funds
of the retirement system shall be credited to the
Accumulation Fund. The amounts needed to allow regular
interest on the reserves in the Annuity Savings Fund
shall be transferred to said fund in accordance with the
provisions of this article from the Accumulation Fund.

(i) Should a beneficiary retired on account of
disability be restored to membership, his annuity reserve
shall be transferred to the Annuity Savings Fund and
credited to his individual accounts therein.