HARRY HUGHES, Governor

227

Article 88B - State Police

55.

(2) "Regular interest" for the Annuity Savings
Fund is defined in Section 49, subsection (12) of this
article. "Regular interest" for the purposes of the
actuarial valuations shall mean such per centum rate or
rates to be compounded annually as shall be determined by
the board of trustees annually after taking into
consideration the actual 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 three per centum and a maximum of five per
centum].

As to any member who after June 1, 1958, leaves, and is
no longer in active service as an employee, the rate of
regular interest credited to member's accumulated
contributions from the time of his leaving shall be three
per centum.

56.

(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 in 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 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
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