546

LAWS OF MARYLAND

Ch. 22

ACCOUNT OF ALL MEMBERS AND BENEFICIARIES WHICH IS NOT
DISCHARGEABLE BY THE FUNDS IN HAND AND THE AFORESAID NORMAL
CONTRIBUTIONS MADE ON ACCOUNT OF SUCH MEMBERS DURING THE
REMAINDER OF THEIR ACTIVE SERVICE. THE PERCENTAGE RATE SO
DETERMINED SHALL BE KNOWN AS THE "ACCRUED LIABILITY
CONTRIBUTION" RATE.

(E)   THE TOTAL AMOUNT PAYABLE IN EACH YEAR TO THE
ACCUMULATION FUND SHALL BE NOT LESS THAN THE SUM OF THE
PERCENTAGE RATE KNOWN AS THE NORMAL CONTRIBUTION RATE AND
THE ACCRUED LIABILITY CONTRIBUTION RATE OF THE TOTAL
COMPENSATION EARNABLE BY ALL MEMBERS DURING THE PRECEDING
YEAR; PROVIDED, HOWEVER, THAT THE AGGREGATE PAYMENT BY THE
STATE OF MARYLAND SHALL BE SUFFICIENT, WHEN COMBINED WITH
THE AMOUNT IN THE FUND TO PROVIDE THE PENSION AND OTHER
BENEFITS PAYABLE OUT OF THE FUND DURING THE YEAR THEN
CURRENT.

(F)   THE ACCRUED LIABILITY CONTRIBUTION SHALL BE
DISCONTINUED AS SOON AS THE ACCUMULATED RESERVE IN THE
ACCUMULATION FUND SHALL EQUAL THE PRESENT VALUE, AS
ACTUARIALLY COMPUTED AND APPROVED BY THE BOARD OF TRUSTEES,
OF THE TOTAL LIABILITY OF SUCH FUND LESS THE PRESENT VALUE,
COMPUTED ON THE BASIS OF THE NORMAL CONTRIBUTION RATE THEN
IN FORCE, OF THE PROSPECTIVE NORMAL CONTRIBUTIONS TO BE
RECEIVED ON ACCOUNT OF PERSONS WHO ARE AT THAT TIME MEMBERS.

(G)   ALL RETIREMENT ALLOWANCES AND ALL LUMP SUM DEATH
BENEFITS ON ACCOUNT OF DEATH IN ACTIVE SERVICE PAYABLE FROM
CONTRIBUTIONS OF THE STATE OF MARYLAND SHALL BE PAID FROM
THE ACCUMULATION FUND.

(H) ALL INTEREST AND DIVIDENDS EARNED ON THE FUNDS OF
THE RETIREMENT SYSTEM SHALL BE CREDITED TO THE ACCUMULATION
FUND. THE AMOUNTS NEEDED TO ALLOW REGULAR INTEREST ON THE
RESERVES IN THE ANNUITY SAVINGS FUND SHALL BE TRANSFERRED TO
SAID FUND IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE
FROM THE ACCUMULATION FUND.

(I) SHOULD A BENEFICIARY RETIRED ON ACCOUNT OF
DISABILITY BE RESTORED TO ACTIVE SERVICE WITH A COMPENSATION
NOT LESS THAN HIS AVERAGE FINAL COMPENSATION AT THE TIME OF
HIS LAST RETIREMENT, HIS ANNUITY RESERVE SHALL BE
TRANSFERRED TO THE ANNUITY SAVINGS FUND AND CREDITED TO HIS
INDIVIDUAL ACCOUNT THEREIN.

(J) THE BOARD OF TRUSTEES MAY IN ITS DISCRETION ADOPT A
GENERALLY ACCEPTED METHOD OF WRITING UP THE BOOK VALUE OF
THE COMMON STOCK PORTION OF THE ASSETS HELD BY THE
RETIREMENT SYSTEM, PROVIDED THAT THE ANNUAL AMOUNT OF ANY
SUCH WRITE-UP SHALL NOT EXCEED 3 PERCENT OF THE TOTAL BOOK
VALUE OF THE COMMON STOCKS HELD AS OF THE DETERMINATION DATE
OF THE WRITE-UP. ONE HALF OF THE AMOUNT OF ANY SUCH
WRITE-UP SHALL BE OFFSET AGAINST THE EMPLOYER CONTRIBUTIONS
OTHERWISE PAYABLE HEREUNDER AND, NOTWITHSTANDING ANY OTHER
PROVISION OF THIS ARTICLE, THE OTHER HALF SHALL BE
ACCUMULATED IN A SPECIAL ACCOUNT UNDER THE ACCUMULATION FUND
TO BE USED TO PROVIDE ALL OR PART OF THE COST OF BENEFIT