224

LAWS OF MARYLAND

Ch. 24

BENEFITS PAYABLE OUT OF THE FUND DURING THE YEAR THEN
CURRENT.

(F)   ALL INTEREST AND DIVIDENDS EARNED ON THE
FUNDS OF THIS PENSION SYSTEM SHALL BE CREDITED TO THE
ACCUMULATION FUND. EACH YEAR, THE BOARD OF TRUSTEES SHALL:

(I)   ALLOW REGULAR INTEREST ON THE
INDIVIDUAL ACCOUNTS OF MEMBERS IN THE ANNUITY SAVINGS FUND;
AND

(II)  TRANSFER THESE AMOUNTS FROM THE
ACCUMULATION FUND.

(G)   ALL RETIREMENT ALLOWANCES AND ALL LUMP SUM
DEATH BENEFITS ON ACCOUNT OF DEATH IN ACTIVE SERVICE THAT
ARE PAYABLE FROM CONTRIBUTIONS OF THE STATE SHALL BE PAID
FROM THE ACCUMULATION FUND.

(H) SHOULD A BENEFICIARY RETIRED ON ACCOUNT OF
DISABILITY BE RESTORED TO ACTIVE SERVICE WITH A COMPENSATION
NOT LESS THAN HIS AVERAGE FINAL COMPENSATION AT THE TIME OF
HIS LAST RETIREMENT, HIS ANNUITY RESERVE SHALL BE
TRANSFERRED TO THE ANNUITY SAVINGS FUND AND CREDITED TO HIS
INDIVIDUAL ACCOUNT THEREIN.

(I) THE BOARD OF TRUSTEES MAY IN ITS DISCRETION
FOR PURPOSES OF ACTUARIAL VALUATION ADOPT A GENERALLY
ACCEPTED METHOD FOR DETERMINING THE VALUE OF THE ASSETS HELD
BY THE RETIREMENT SYSTEM, PROVIDED THAT FOR GENERAL LEDGER
ACCOUNTING AND FINANCIAL REPORTING THE BOARD OF TRUSTEES
WILL USE GENERALLY ACCEPTED ACCOUNTING PRINCIPLES.

(3)   THE EXPENSE FUND SHALL BE THE FUND TO WHICH SHALL
BE CREDITED ALL MONEY PROVIDED BY THE STATE TO PAY THE
ADMINISTRATION EXPENSES OF THIS PENSION SYSTEM AND FROM
WHICH SHALL BE PAID ALL THE EXPENSES NECESSARY IN CONNECTION
WITH THE ADMINISTRATION AND OPERATION OF THIS SYSTEM. EACH
YEAR, THE BOARD OF TRUSTEES SHALL ESTIMATE THE AMOUNT OF
MONEY, NOT IN EXCESS OF 3/10 OF 1 PERCENT OF THE PAYROLL OF
MEMBERS, THAT IT CONSIDERS NECESSARY TO BE PAID INTO THE
EXPENSE FUND DURING THE NEXT YEAR TO PROVIDE FOR THE EXPENSE
OF OPERATION OF THIS PENSION SYSTEM, AND THIS AMOUNT SHALL
BE PAID TO THE EXPENSE FUND FOR THIS PURPOSE.

(4)   (A) ON OR BEFORE THE FIRST DAY OF NOVEMBER NEXT
PRECEDING EACH REGULAR MEETING OF THE GENERAL ASSEMBLY OF
MARYLAND, THE BOARD OF TRUSTEES SHALL CERTIFY TO THE
GOVERNOR THE AMOUNTS THAT WILL BECOME DUE AND PAYABLE DURING
THE NEXT YEAR TO EACH OF THE FUNDS OF THIS PENSION SYSTEM
TOGETHER WITH A STATEMENT OF THE PERCENTAGE OF THE PAYROLL
OF ALL MEMBERS, WHICH IS EQUIVALENT TO THE TOTAL AMOUNT.
THIS AMOUNT SHALL BE INCLUDED IN THE BUDGET BILL THAT IS
SUBMITTED TO THE GENERAL ASSEMBLY.

(B) THE BOARD OF TRUSTEES SHALL CERTIFY ONE
QUARTER OF THE AMOUNT SPECIFIED IN PARAGRAPH (A) OF THIS