BLAIR LEE III, Acting Governor                            1895

stocks and may invest a maximum of forty percent (40%) of
the total funds in mortgages and deeds of trust on
properties located in the State of Maryland; and subject to
like terms, conditions, limitations and restrictions, said
trustees shall have full power to hold, purchase, sell,
assign, transfer and dispose of any of the securities and
investments in which any of the funds created herein shall
have teen invested, as well as the proceeds of said
investments and any moneys belonging to said funds.
Notwithstanding any other provisions of the law to the
contrary, that ground-rent redemption deeds, releases or
reassignments of mortgages, satisfactions or reassignments
of notes, conveying, releasing or reassigning any interest
owned by the State of Maryland for the use of the Employees'
Retirement System of the State of Maryland, shall be
executed by any two of the following: [director of]
ASSISTANT SECRETARY OF PERSONNEL FOR retirement systems,
Investment Administrator and/or mortgage attorney.

14.

All of the assets of the retirement system shall be
credited, according to the purpose for which they are held,
to one of three funds, namely the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(1)    (e) Subject to the approval of the board of
trustees, in addition to the contributions deducted from
compensation as hereinbefore provided, any member may
redeposit in the Annuity Savings Fund by a single payment or
by an increased rate of contribution an amount equal to the
total amount which he previously withdrew therefrom as
provided in this article, or any part thereof; or any member
may deposit therein by a single payment or by an increased
rate of contribution an amount computed to be sufficient to
purchase an additional annuity which, together with his
prospective retirement allowance, will provide for him a
total retirement allowance not in excess of two thirds of
his average final compensation at the age of 60 or after 30
years of creditable service, whichever would first occur.
In addition to the contributions hereinbefore provided,
subject to such conditions as may be established by the
board of trustees, any member may, in accordance with a
contract with his employer, have further contributions at a
fixed percentage of two percent or more, but not to exceed
twenty percent of his compensation made on his account,
either by a reduction in his salary or in lieu of an
increase in his compensation. The cost of administering
annuities qualifying under § 403 (b) of the Internal Revenue
Code as amended from time to time, shall be provided from
the funds invested in such annuities. Such additional
amounts so deposited shall become a part of his accumulated
contributions except in the case of [disability] retirement,
when they shall be treated as excess contributions
returnable to the member in cash or as an annuity of
equivalent actuarial value.

(2) (a) The Accumulation Fund shall be the fund in