4097
ANNE ARUNDEL COUNTY

SECTION 1. BE IT ENACTED BY THE COUNTY COUNCIL OF
ANNE ARUNDEL COUNTY, MARYLAND, That new Sections 1-261
through 1—282, inclusive, be, and they are hereby added
to the Anne Arundel County Code (1967 Edition and
Supplements), Title 1, "Administration", Subtitle 2,
"Personnel", to follow immediately after Section 1—260
thereof and to be under the new Article V, "Appointed and
Elected Officials' Retirement Plan", and to read as
follows:

SECTION 1-261. DEFINITIONS.

FOR PURPOSES OF THIS ARTICLE, THE BELOW LISTED TERMS
SHALL BE DEFINED AS FOLLOWS:

(1)    "CREDITED INTEREST" SHALL MIAN INTEREST ON A
PARTICIPANT'S CONTRIBUTIONS FOR THE NUMBER OF FULL MONTHS
FROM THE JANUARY 1 FOLLOWING THE DATE SUCH CONTRIBUTION
WAS MADE TO THE DATE TO WHICH IT IS BEING COMPUTED. THE
INITIAL RATE OF INTEREST IS FOUR AND ONE FOURTH PER CENT
(4 1/4%) PER ANNUM COMPOUNDED ON EACH JANUARY 1. ANY
CHANGE IN THE RATE OF CREDITED INTEREST WILL APPLY TO
INTEREST ALLOWED FOR MONTHS OCCURRING AFTER THE EFFECTIVE
DATE OF THE CHANGE. THE RATE OF CREDITED INTEREST SHALL
BE DETERMINED BY THE COUNTY COUNCIL.

(2)    "CURRENT EMPLOYEE" SHALL MEAN AN EMPLOYEE IN
THE EMPLOY OF THE COUNTY ON THE EFFECTIVE DATE OF THIS
PLAN.

(3)    "ELECTIVE EARLY RETIREMENT DATE" SHALL MEAN
THE DATE AS OF WHICH A PARTICIPANT BECOMES ENTITLED TO
RECEIVE A PENSION AS DETERMINED IN ACCORDANCE WITH
SECTION 1-264(C).

(4) "EMPLOYEE" SHALL MEAN ANY PAID APPOINTED OR
ELECTED OFFICIAL OF THE COUNTY (EXCLUSIVE OF PERSONS
PERFORMING SERVICES PURSUANT TO A CONTRACT) WHOSE REGULAR
EMPLOYMENT IS FOR NOT LESS THAN FIVE HUNDRED (500) HOURS
PER YEAR AND FOR NOT LESS THAN FOUR (4) MONTHS PER YEAR.
AN APPOINTED OFFICIAL MEANS A COUNTY OFFICIAL APPOINTED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF MARYLAND AND
ANNE ARUNDEL COUNTY. AN ELECTED OFFICIAL MEANS A COUNTY
OFFICIAL ELECTED FOR A FIXED TERM AS SPECIFICALLY
PROVIDED IN THE LAWS OF THE STATE OF MARYLAND AND ANNE
ARUNDEL COUNTY.

(5)    "FINAL EARNINGS" SHALL MEAN THE HIGHEST
AVERAGE RATE OF EARNINGS ON ANY THREE (3) ANNIVERSARY
DATES OF THE PARTICIPANT'S DATE OF RETIREMENT, DATE OF
DISABILITY OR DATE OF DEATH DURING THE LAST TEN (10)
YEARS BEFORE SUCH DATE.

(6)    "FUTURE EMPLOYEE" SHALL MEAN AN EMPLOYEE WHO