HARRY HUGHES, Governor                                 153

CONTINUE TO RECEIVE THE BENEFITS AS PROVIDED IN THE
RETIREMENT SYSTEM AS OF DECEMBER 31, 1979. THESE BENEFITS
SHALL INCLUDE BUT NOT BE LIMITED TO:

(A)  THE ELIGIBILITY FOR SERVICE RETIREMENT UPON
COMPLETION OF 30 YEARS SERVICE OR ATTAINMENT OF AGE 60;

(B)  THE ELIGIBILITY FOR A REDUCED SERVICE
RETIREMENT UPON COMPLETION OF A CERTAIN LENGTH OF SERVICE;

(C)  THE SERVICE RETIREMENT ALLOWANCE OF ONE
FIFTY-FIFTH OF AVERAGE FINAL COMPENSATION;

(D)  THE RETIREMENT ALLOWANCES PROVIDED FOR
ORDINARY OR ACCIDENTAL DISABILITY;

(E)  THE SELECTION OF OPTIONS FOR SERVICE OR
DISABILITY ALLOWANCES;

(F)  THE ADJUSTMENT OF THE RETIREMENT ALLOWANCE
FOR INCREASES IN THE CONSUMER PRICE INDEX;

(G)  THE DEATH BENEFIT;

(H) THE LEVEL OF CONTRIBUTIONS FROM MEMBERS; AND

(I) THE LENGTH OF SERVICE FOR MEMBERS TO VEST
BENEFITS IN THE SYSTEM.

13.

(2) "Regular interest" for the Annuity Savings Fund
is defined in Section 1, subsection (12) of this article.
"Regular interest" for the purposes of the actuarial
valuations shall mean such per centum rate or rates to be
compounded annually as shall be determined by the board of
trustees annually after taking into consideration the actual
earnings of the system for the preceding years and the
probable earnings of the system to be made in the future[;
such rates shall be limited to a minimum of three per centum
and a maximum of five centum].

14.

(1) (G) ANY MEMBER WHO TRANSFERS TO THE PENSION
SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND, UNDER § 3(8)
OF THIS ARTICLE, SHALL BE ELIGIBLE TO RECEIVE A RETURN OF A
PART OF HIS ACCUMULATED CONTRIBUTIONS AS OF THE DATE OF
TRANSFER. THIS PART SHALL BE THE RATIO, NOT EXCEEDING ONE,
THAT THE AVERAGE OF THE SOCIAL SECURITY TAXABLE WAGE BASES
IN THE 3 CALENDAR YEARS IMMEDIATELY PRECEDING THE CALENDAR
YEAR OF TRANSFER BEARS TO THE AVERAGE OF HIS ANNUAL NORMAL
RATE OF EARNINGS AS OF THE END OF THE PRECEDING 3 FISCAL
YEARS. THIS AMOUNT SHALL BE PAID WITHIN 90 DAYS AFTER HIS
DATE OF TRANSFER UNLESS HE ELECTS TO HAVE ALL OR PART OF
THIS AMOUNT TRANSFERRED AS ADDITIONAL CONTRIBUTIONS TO THE
ANNUITY SAVINGS FUND OF THE PENSION SYSTEM FOR EMPLOYEES OF