5403
MONTGOMERY COUNTY

value of pension determined on the member's retirement
date, the difference will be paid to the beneficiary
based upon a normal form of retirement pension option.
The election of this option does not affect Social
Security payments.

(e) Applicability of cost—of—living adjustments to
widows of Group D members. Effective July 1, 1973, the
provisions of Section 33—44(c) shall be applicable to an
eligible widow of a Group D member. The cost—of—living
adjustment for widows of Group D members who retired or
died before July 1, 1970 shall be based on the Consumer
Price Index published as of August 15, 1955. The
cost-of-living adjustment for widows of Group D members
who were active members on June 30, 1970 and who retired
or died on or after July 1, 1970 shall be based on the
Consumer Price Index published as of the date of the
member's retirement or death, whichever is earlier.

SECTION XIII. Sections 45(a), title "Testing and
withdrawal Benefits", 45(c), title "Discontinued service
pension of County employee members", and 45(d), title
"Discontinued service benefits of elective and appointive
members as defined in Sections 33—37 (f) and (g)" are
hereby amended to read as follows:

(a) Vesting. If a member's service terminates
before retirement date and after completion of five years
of credited service, the member may elect either:

(1)   to be paid member contributions with
credited interest, thus ceasing to be a member; or

(2)    for any member vesting on or after
March 1, 1974, to receive a retirement pension, beginning
on the first day of the month following the member's
sixtieth birthday or other normal retirement date as
follows:

a. the member elects to leave all
contributions and interest in the fund which will be
credited annually with interest;

b. the member will receive a percentage
of vested ownership in the amount of normal retirement
pension that has accrued to date of termination.
Percentage of vested ownership will be based on full
years of credited service under the following schedule:

Completed Tears of Percentage of Vested Ownership
Credited Service In Normal Retirement Pension