BLAIR LEE III, Acting Governor

1687

CHAPTER 503

(Senate Bill 811)

AN ACT concerning

Teachers' Retirement System — Definitions

FOR the purpose of redefining, for purposes of the Teachers'
Retirement Systems provisions, the terms "regular
interest" and "average final compensation"; and
numbering certain provisions.

BY repealing and reenacting, with amendments,

Article 73B - Pensions
Section 81 (12) and (15)
Annotated Code of Maryland

(As enacted by Chapter _____ of the Acts

of the General Assembly of 1978)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland

(as enacted by Chapter ____ of the Acts of the General

Assembly of 1978) be repealed, amended, or enacted to read
as follows:

Article 73B — Pensions

81.

In this subtitle the following words have the meanings
indicated unless the context requires otherwise:

(12) (A) "Regular interest" MEANS, for PURPOSES OF
INTEREST CREDITS TO the Annuity Savings Fund [means],
interest at an annual percentage rate compounded annually as
may be set from time to time by the board with a minimum
rate of 3 percent per year and a maximum rate of 4 percent
per year.

(B) "Regular interest" MEANS, for [the] ALL
OTHER purposes [of the actuarial valuations shall mean],
interest at such rate or rates as may be set from time to
time by the board of trustees in accordance with §88 [,
subsection] (2) of this article.

[As to any member who after June 1, 1958, leaves, and
is no longer in active service as a teacher, the rate or
regular interest credited to the member's accumulated
contributions from the time of his leaving shall be 3
percent.]

(15) (A) "Average final compensation" means the