HARRY HUGHES, Governor

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(2) "Regular interest" for the Annuity Savings Fund
is defined in Section 1, 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 centum].

14.

(1)   (G) ANY MEMBER WHO TRANSFERS TO THE PENSION
SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND, UNDER § 3(8)
OF THIS ARTICLE, SHALL BE ELIGIBLE TO RECEIVE A RETURN OF A
PART OF HIS ACCUMULATED CONTRIBUTIONS AS OF THE DATE OF
TRANSFER. THIS PART SHALL BE THE RATIO, NOT EXCEEDING ONE,
THAT THE AVERAGE OF THE SOCIAL SECURITY TAXABLE WAGE BASES
IN THE 3 CALENDAR YEARS IMMEDIATELY PRECEDING THE CALENDAR
YEAR OF TRANSFER BEARS TO THE AVERAGE OF HIS ANNUAL NORMAL
RATE OF EARNINGS AS OF THE END OF THE PRECEDING 3 FISCAL
YEARS. THIS AMOUNT SHALL BE PAID WITHIN 90 DAYS AFTER HIS
DATE OF TRANSFER UNLESS HE ELECTS TO HAVE ALL OR PART OF
THIS AMOUNT TRANSFERRED AS ADDITIONAL CONTRIBUTIONS TO THE
ANNUITY SAVINGS FUND OF THE PENSION SYSTEM FOR EMPLOYEES OF
THE STATE OF MARYLAND. THE BALANCE OF HIS ACCUMULATED
CONTRIBUTIONS SHALL BE TRANSFERRED AS REGULAR CONTRIBUTIONS
TO THE ANNUITY SAVINGS FUND OF THE PENSION SYSTEM FOR
EMPLOYEES OF THE STATE OF MARYLAND.

(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 into 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 article during the period
over which the accrued liability contribution is payable,
immediately after making such valuation, shall determine the