154                                       LAWS OF MARYLAND                                Ch. 24

THE STATE OF MARYLAND. THE BALANCE OF HIS ACCUMULATED
CONTRIBUTIONS SHALL BE TRANSFERRED AS REGULAR CONTRIBUTIONS
TO THE ANNUITY SAVINGS FUND OF THE PENSION SYSTEM FOR
EMPLOYEES OF THE STATE OF MARYLAND.

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

(b)   On account of each member there shall be
paid annually into the Accumulation Fund by the State for
the preceding fiscal year an amount equal to a certain
percentage of the annual earnable compensation of each
member to be known as the "normal contribution," and an
additional amount equal to a percentage of his annual
earnable compensation to be known as the "accrued liability
contribution." The rates per centum of such contributions
shall be fixed on the basis of the liabilities of the
retirement system as shown by actuarial valuation.

(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 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.

(d)   Immediately succeeding the valuation as of
June 30, 1973, the actuary engaged by the board of trustees
shall compute the rate per centum of the total annual
earnable compensation of all members which is equivalent to
five per centum of the amount of the total pension and death
benefit liability on account of all members and
beneficiaries which is not dischargeable by the funds in