HARRY HUGHES, Governor

159

STATE OF MARYLAND, and [for] the board of trustees of the
Teachers' Retirement System of the State of Maryland, AND
THE BOARD OF TRUSTEES OF THE PENSION SYSTEM FOR THE TEACHERS
OF THE STATE OF MARYLAND, and [for] the board of trustees of
the State Police Retirement System of the State of Maryland.
The said three persons shall be appointed by the Board of
Public Works. The initial appointments shall date from
July 1, 1958 and shall be for terms of one, two and three
years respectively, as designated by the Board of Public
Works or until their successors have been appointed and have
qualified. Thereafter appointments shall be made for terms
of four years, or until their successors have been appointed
and have qualified. A person may be appointed to
successive or additional terms. Vacancies shall be filled
by the Board of Public Works for any unexpired term in the
manner that the initial and successive appointments are to
be made. The committee shall select one of its members who
shall be the chairman.

57.

(b) (1) Each judge covered by the plan shall
contribute to the fund an amount equal to six percent of his
compensation, to be deducted from his compensation each pay
period until he has served as a judge for 16 years. He
shall make no contribution thereafter.

(2)   THE FUND SHALL BE THE FUND IN WHICH ALL
RESERVES FOR THE PAYMENT OF ALL ALLOWANCES AND OTHER
BENEFITS SHALL BE ACCUMULATED AND FROM WHICH SHALL BE PAID
ALL BENEFITS PAYABLE UNDER THE CONTRIBUTORY PLAN FOR JUDGES.

(3)   EACH YEAR, ON ACCOUNT OF EACH MEMBER, THE
STATE SHALL PAY INTO THE FUND AN AMOUNT AT LEAST EQUAL TO A
CERTAIN PERCENTAGE OF THE ANNUAL EARNABLE COMPENSATION OF
THE MEMBER, TO BE KNOWN AS THE "NORMAL CONTRIBUTION," AND AN
ADDITIONAL AMOUNT EQUAL TO A CERTAIN PERCENTAGE OF HIS
ANNUAL EARNABLE COMPENSATION, TO BE KNOWN AS THE "ACCRUED
LIABILITY CONTRIBUTION." THE RATES PERCENT OF THESE
CONTRIBUTIONS SHALL BE FIXED ON THE BASIS OF THE LIABILITIES
OF THE CONTRIBUTORY PLAN FOR JUDGES AS SHOWN BY ACTUARIAL
VALUATION.

(4)   ON THE BASIS OF INTEREST AND MORTALITY AND
SERVICE TABLES ADOPTED BY THE BOARD OF TRUSTEES, IMMEDIATELY
AFTER MAKING EACH ACTUARIAL VALUATION, THE ACTUARY SHALL
DETERMINE THE "NORMAL CONTRIBUTION" ON ACCOUNT OF EACH
MEMBER, NET OF EMPLOYEE CONTRIBUTIONS, ON THE BASIS OF THE
ACCRUED BENEFIT ACTUARIAL COST METHOD. THE RATIO OF THE SUM
OF THE NORMAL CONTRIBUTIONS SO DETERMINED TO THE TOTAL
ANNUAL EARNABLE COMPENSATION OF ALL MEMBERS SHALL BE KNOWN
AS THE "NORMAL CONTRIBUTION" RATE.

(5)   THE ACCRUED LIABILITY CONTRIBUTION RATE
SHALL BE COMPUTED, ON THE BASIS OF THE ACCRUED BENEFIT
ACTUARIAL COST METHOD AND ANY OTHER ASSUMPTION ADOPTED BY
THE BOARD, AS THE RATE PERCENT OF THE TOTAL ANNUAL EARNABLE