204

LAWS OF MARYLAND

Ch. 24

AVERAGE FINAL COMPENSATION EXCEEDS THAT OF THE AVERAGE OF
THE PREVIOUS 2 YEARS' COMPENSATION BY MORE THAN 20 PERCENT,
THE AMOUNT IN EXCESS OF 20 PERCENT MAY NOT BE INCLUDED IN
THE COMPUTATION OF AVERAGE FINAL COMPENSATION. IF, IN ANY
PERIOD INCLUDED IN THE COMPUTATION OF AVERAGE FINAL
COMPENSATION, THE TEACHER HAS COMPLETED LESS THAN THE NORMAL
NUMBER OF HOURS FOR A FULL-TIME TEACHER SIMILARLY EMPLOYED,
HIS EARNABLE COMPENSATION FOR THAT PERIOD SHALL BE ADJUSTED
TO A FULL-TIME BASIS FOR THE PURPOSES OF THE COMPUTATION.
IF THE PERIOD USED TO DETERMINE FINAL AVERAGE COMPENSATION
IS THE PERIOD THAT IMMEDIATELY PRECEDES THE DATE OF
RETIREMENT, ANY MONTHS (NOT IN EXCESS OF 12) THAT OTHERWISE
WOULD BE INCLUDED IN COMPUTING AVERAGE FINAL COMPENSATION
BUT DURING WHICH THE TEACHER WAS ON AUTHORIZED LEAVE OF
ABSENCE AT PARTIAL PAY OR WITHOUT PAY MAY NOT BE INCLUDED IN
THE COMPUTATION OF AVERAGE FINAL COMPENSATION AND THE MONTH
OR AN EQUAL NUMBER OF MONTHS IMMEDIATELY PRECEDING THE
PERIOD SHALL BE SUBSTITUTED INSTEAD.

(15)  "ANNUITY" MEANS THE PAYMENTS FOR LIFE DERIVED
FROM THE ACCUMULATED CONTRIBUTIONS OF A MEMBER. ALL
ANNUITIES SHALL BE PAYABLE IN EQUAL MONTHLY INSTALLMENTS.

(16)  "RETIREMENT ALLOWANCE" MEANS THE PAYMENTS FOR
LIFE OR ANY OPTIONAL BENEFIT THAT IS PAYABLE INSTEAD. ALL
RETIREMENT ALLOWANCES SHALL BE PAYABLE IN EQUAL MONTHLY
INSTALLMENTS.

(17)  "RETIREMENT" MEANS THE WITHDRAWAL FROM ACTIVE
SERVICE WITH A RETIREMENT ALLOWANCE GRANTED UNDER THIS
SUBTITLE.

(18)  "ACTUARIAL EQUIVALENT" MEANS A BENEFIT OF EQUAL
VALUE WHEN COMPUTED ON THE BASIS OF THE MORTALITY TABLES AND
INTEREST RATE LAST ADOPTED FOR THE PARTICULAR PURPOSE BY THE
BOARD OF TRUSTEES.

(19)  "TAXABLE WAGE BASE" MEANS, WITH RESPECT TO EACH
CALENDAR YEAR, THE MAXIMUM AMOUNT OF ANNUAL EMPLOYEE
EARNINGS SUBJECT TO TAX UNDER THE FEDERAL INSURANCE
CONTRIBUTIONS ACT, AS AMENDED.

(20)  "SOCIAL SECURITY INTEGRATION LEVEL" MEANS, WITH
RESPECT TO THE CALENDAR YEAR IN WHICH A MEMBER RETIRES OR
OTHERWISE TERMINATES EMPLOYMENT, THE AVERAGE ANNUAL AMOUNT
OF EARNINGS FOR WHICH OLD AGE AND SURVIVORS BENEFITS WOULD
BE PROVIDED UNDER TITLE II OF THE FEDERAL SOCIAL SECURITY
ACT FOR A MALE EMPLOYEE 65 YEARS OLD IN THAT CALENDAR YEAR,
COMPUTED AS THOUGH FOR EACH YEAR BEFORE THE CALENDAR YEAR
ANNUAL EARNINGS ARE AT LEAST EQUAL TO THE MAXIMUM AMOUNT OF
ANNUAL EARNINGS SUBJECT TO TAX UNDER THE FEDERAL INSURANCE
CONTRIBUTIONS ACT. THE AVERAGE ANNUAL AMOUNT OF EARNINGS
SHALL BE ROUNDED TO THE NEXT LOWER MULTIPLE OF $100.

(21)  "COUNTY" INCLUDES BALTIMORE CITY.

141. NAME AND DATE OF ESTABLISHMENT; PARTNERSHIP TO HOLD
SECURITIES.