1896

LARS OF MARYLAND

Ch. 608

which shall be accumulated all reserves for the payment of
all pensions and other benefits payable from contributions
made by the State and from which shall be paid all
retirement allowances and the lump sum death benefits
payable from said contributions. Contributions to and
payments from the Accumulation Fund shall be made as
follows:

(c) On the basis of regular interest and of such
mortality and other tables as shall be adopted by the board
of trustees, the actuary engaged by the board to make each
valuation required by this article during the period over
which the accrued liability contribution is payable,
immediately after making such valuation, shall determine the
uniform and constant percentage of the earnable compensation
of the average new entrant, which [is] IF contributed on the
basis of compensation of such new entrant throughout his
entire period of active service would be sufficient to
provide for the payment of any death benefit or pension
payable on his account. The rate per centum so determined
shall be known as the normal contribution rate. After the
accrued liability contribution has ceased to be payable, the
normal contribution rate shall be the rate per centum of the
earnable compensation of all members obtained by deducting
from the total liabilities of the Accumulation Fund the
amount of the funds in hand to the credit of that fund and
dividing the remainder by one per centum of the present
value of the prospective future salaries of all members as
computed on the basis of the mortality and service tables
adopted by the board of trustees, and regular interest. The
normal rate of contribution shall be determined by the
actuary after each valuation.

(3)    The Expense Fund shall be the fund to which shall
be credited all money provided by the State to pay the
administration expenses of the retirement system and from
which shall be paid all the expenses necessary in connection
with the administration and operation of the system.
[Biennially] ANNUALLY the board of trustees shall estimate
the amount of money, not in excess of three tenths of one
per centum of the payroll of members, which shall be deemed
necessary to be paid into the Expense Fund during the
ensuing [years] YEAR to provide for the expense of operation
of the retirement system, and such amount shall be paid to
the Expense Fund for this purpose. THE SECRETARY OF
PERSONNEL MAY COMBINE THE EXPENSE FUNDS OF THE SEVERAL STATE
RETIREMENT SYSTEMS FOR BUDGETARY AND ADMINISTRATIVE
EFFICIENCY.

(4)    On or before the first day of November next
preceding each regular meeting of the General Assembly of
Maryland, the board of trustees shall certify to the
Governor the amounts which will become due and payable
during the [biennium] YEAR next following to each of the
funds of the retirement system. The amount thus ascertained
shall be included in the budget bill which is submitted to
the General Assembly.