230

LAWS OF MARYLAND

Ch. 24

(F) ALL INTEREST AND DIVIDENDS EARNED ON THE
FUNDS OF THE RETIREMENT 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 lump-sum
death benefits on account of death in active service 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 membership, his annuity reserve
shall be transferred from the Accumulation Fund to the
Annuity Savings Fund and credited to his individual account
therein.

[(i) All interest and dividends earned on the
funds of the retirement system shall be credited to the
Accumulation Fund. The amounts needed to allow regular
interest on the reserves in the Annuity Savings Fund shall
be transferred in accordance with the provisions of this
article to said fund from the Accumulation Fund.]

[(j)] (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.

SECTION 3. AND BE IT FURTHER ENACTED, That it is the
intention of the General Assembly in adopting this Act that
any benefits which any beneficiary under the Employees'
Retirement System or the Teachers' Retirement System is
receiving prior to the effective date of this Act are not
affected, altered or changed in any manner by the adoption
of this Act. It is also the intention of the General
Assembly that nothing in this Act shall affect, alter or
change any of the rights or benefits of any person who is a
member of the Employees' Retirement System and the Teachers'
Retirement System on December 31, 1979 unless the member
exercises the choice of joining the new system created by
this Act.

SECTION 4. AND BE IT FURTHER ENACTED, That this Ac-
shall take effect June 1, 1979.