228                                       LAWS OF MARYLAND                                Ch. 24

shall be known as the "normal contribution" rate. After the
accrued liability contribution has ceased to be payable, the
normal contribution rate shall be the rate per centum of the
earnable compensation of all members obtained by deducting
from the total liabilities of the Accumulation Fund the
amount of the funds in hand to the credit of that fund and
dividing the remainder by one per centum of the present
value of the prospective future salaries of all members as
computed on the basis of the mortality and service tables
adopted by the board of trustees, and regular interest. The
normal rate of contribution shall be determined by the
actuary after each valuation.

(d)   Immediately succeeding the valuation as of
June 30, 1976, the actuary engaged by the board of trustees
shall compute the rate per centum of the total annual
compensation of all members which is equivalent to the level
annual payment required over a 40-year period to liquidate
the total pension and death benefit liability on account of
all members and beneficiaries which is not dischargeable by
the funds in hand and the aforesaid normal contribution made
on account of such members during the remainder of their
active service. The rate per centum originally so
determined shall be known as the "accrued liability
contribution" rate. The board of trustees, on the
recommendation of the actuary, may increase this rate when
necessary to reflect experience deficiencies. If the
accrued liability is increased by legislation, the accrued
liability rate shall be increased to the extent required to
liquidate the additional liability in a period not exceeding
40 years.

(e)   The total amount payable in each year to
the Accumulation Fund shall not be less than the sum of the
rates per centum known as the normal contribution rate and
the accrued liability rate, of the total compensation
earnable by all members during the preceding year; provided,
however, that the aggregate payment by the State shall be
sufficient, when combined with the amount in the fund, to
provide the pensions and other benefits payable out of the
fund during the year then current.

(f)   The accrued liability contribution shall be
discontinued as soon as the accumulated reserve in the
Accumulation Fund shall equal the present value, as
actuarially computed and approved by the board of trustees,
of the total liability of such fund less the present value,
computed on the basis of the normal contribution rate then
in force, of the prospective normal contributions to be
received on account of persons who are at that time
members.]

(A) THE ACCUMULATION FUND SHALL BE THE FUND IN
WHICH SHALL BE ACCUMULATED ALL RESERVES FOR THE PAYMENT OF
ALL ALLOWANCES AND OTHER BENEFITS PAYABLE FROM CONTRIBUTIONS
MADE BY THE STATE, AMOUNTS TRANSFERRED FROM THE ANNUITY
SAVINGS FUND, AND FROM WHICH SHALL BE PAID ALL BENEFITS