HARRY HUGHES, Governor

163

(2) Annuity Savings Fund is defined in § 81,
subsection (12) of this subtitle. "Regular interest" for
the purpose of the actuarial valuations shall mean such
percentage rate or rates to be compounded annually as shall
be determined by the board of trustees annually after taking
into consideration the actual interest 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 3 percent and maximum of 5 percent].

89.

(1)   (E) ANY MEMBER WHO TRANSFERS TO THE PENSION
SYSTEM FOR TEACHERS OF THE STATE OF MARYLAND, UNDER § 83(8)
OF THIS SUBTITLE, SHALL BE ELIGIBLE TO RECEIVE A RETURN OF A
PART OF HIS ACCUMULATED CONTRIBUTIONS AS OF THE DATE OF
TRANSFER. THE 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
SAID AMOUNT TRANSFERRED AS ADDITIONAL CONTRIBUTIONS TO THE
ANNUITY SAVINGS FUND OF THE PENSION SYSTEM FOR TEACHERS OF
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
TEACHERS 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 of Maryland and from which shall be paid
all retirement allowances and the lump-sum death benefits
payable from the 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 said State,
for the preceding fiscal year an amount equal to a certain
percentage of the earnable compensation of each member to be
known as the "normal contribution," and an additional amount
equal to a percentage of his earnable compensation to be
known as the "accrued liability contribution." The
percentage rates 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 subtitle 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