BLAIR LEE III,

Acting Governor

537

(C)   FOR THE PURPOSES OF THIS SECTION THE RETIREMENT
ALLOWANCE REFERRED TO IN SUBSECTION (A) OF THIS SECTION,
SHALL BE THAT RETIREMENT ALLOWANCE ELECTED BY THE MEMBER
UNDER §86 OF THIS SUBTITLE, EXCLUSIVE OF ANY ADDITIONAL
VOLUNTARY ANNUITY. THIS RETIREMENT ALLOWANCE, HOWEVER,
SHALL NOT INCLUDE THE SUPPLEMENTAL PAYMENTS MADE UNDER
§89(7) OF THIS SUBTITLE OR THE ONE-SIXTH INCREASE THEREOF
GRANTED BY §86(12) OF THIS SUBTITLE.

(D)    FOR THE PURPOSES OF THIS SECTION, CONSUMER PRICE
INDEX SHALL MEAN THE CONSUMER PRICE INDEX (ALL ITEMS—UNITED
STATES CITY AVERAGE), AS PUBLISHED BY THE UNITED STATES
DEPARTMENT OF LABOR, BUREAU OF LABOR STATISTICS.

(E)   IN NO INSTANCE SHALL ANY RETIRED MEMBER RECEIVE
LESS THAN THE BENEFITS TO WHICH HE WOULD BE ENTITLED UNDER
THE PROVISIONS OF §86 OF THIS SUBTITLE; PROVIDED FURTHER
THAT ANY MEMBER RETIRED PRIOR TO JULY 1 , 1973, SHALL, IN NO
INSTANCE, RECEIVE LESS BENEFITS THAN HE HAD RECEIVED PRIOR
TO SUCH DATE. ANY MEMBER WHO RETIRED PRIOR TO JULY 1, 1958
WITH 30 OR MORE YEARS OF SERVICE SHALL NOT RECEIVE BENEFITS
IN ANY AMOUNT LESS THAN $5,000 PER ANNUM.

(F)    THE ALLOWANCE OF A SURVIVING BENEFICIARY OF A
RETIRED MEMBER SHALL, WHEN AND IF PAYABLE, BE ADJUSTED BY
THE SAME RATIO AS PROVIDED IN THIS SECTION.

(G)    THIS SECTION SHALL NOT APPLY TO BENEFITS PAYABLE
UNDER §§ 86(6) OR 86(7) OF THIS SUBTITLE.

87. ADMINISTRATION.

(1)   BOARD OF TRUSTEES--RESPONSIBILITY FOR OPERATION.

—THE GENERAL ADMINISTRATION AND RESPONSIBILITY FOR THE
PROPER OPERATION OF THE RETIREMENT SYSTEM AND FOR MAKING
EFFECTIVE THE PROVISIONS OF THIS SUBTITLE ARE HEREBY VESTED
IN A BOARD OF TRUSTEES, WHICH SHALL BE ORGANIZED IMMEDIATELY
AFTER THREE OF THE TRUSTEES PROVIDED FOR IN THIS SECTION
HAVE QUALIFIED AND TAKEN THE OATH Of OFFICE.

(2)    BOARD OF TRUSTEES—COMPOSITION; APPOINTMENT AND
TERMS. — THE BOARD SHALL CONSIST OF FIVE TRUSTEES AS
FOLLOWS:

(A)   THE STATE SUPERINTENDENT OF EDUCATION, EX OFFICIO.

(B)   THE STATE COMPTROLLER, EX OFFICIO.

(C)   THE STATE TREASURER, EX OFFICIO.

(D)    TWO TEACHERS WHO SHALL BE MEMBERS OF THE SYSTEM
AND WHO SHALL BE ELECTED BY THE MEMBERS OF THE SYSTEM FOR A
TERM OF FOUR YEARS ACCORDING TO SUCH RULES AND REGULATIONS
AS THE BOARD OF TRUSTEES SHALL ADOPT TO GOVERN SUCH
ELECTION, PROVIDED HOWEVER, THAT THE TERM OF OFFICE OF THE
FIRST TWO TRUSTEES SO ELECTED SHALL BEGIN IMMEDIATELY
FOLLOWING THEIR ELECTION AND SHALL EXPIRE AUGUST 1, 1929.