76

LAWS OF MARYLAND

Ch. 23

FOLLOWING THE DATE OF ESTABLISHMENT MAY NOT BE LESS THAN THE
SUM OF THE RATES PERCENT KNOWN AS THE NORMAL CONTRIBUTION
RATE AND THE ACCRUED LIABILITY CONTRIBUTION RATE, OF THE
TOTAL COMPENSATION EARNABLE BY ALL MEMBERS DURING THE
PRECEDING FISCAL YEAR, BUT THE AGGREGATE PAYMENT BY THE
STATE MUST BE SUFFICIENT, WHEN COMBINED WITH THE AMOUNT IN
THE ACCUMULATION FUND, TO PROVIDE THE ALLOWANCES AND OTHER
BENEFITS PAYABLE OUT OF THE FUND DURING THE YEAR THEN
CURRENT.

(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
ALLOW REGULAR INTEREST ON THE INDIVIDUAL ACCOUNTS OF MEMBERS
IN THE ANNUITY SAVINGS FUND AND TRANSFER THESE AMOUNTS FROM
THE ACCUMULATION FUND.

(G)   AS OF JULY 1, 1980, AND EACH JULY 1 AFTER,
THE ACTUARY SHALL DETERMINE THE PROPORTIONATE SHARE OF THE
ACCUMULATION FUND AS OF SAID DATE ALLOCABLE TO THOSE MEMBERS
OF THE RETIREMENT SYSTEM WHO FILED WITH THE BOARD OF
TRUSTEES AN EXECUTED WAIVER OF ALL BENEFITS UNDER THIS
RETIREMENT SYSTEM AND ELECTED TO TRANSFER TO THE PENSION
SYSTEM FOR EMPLOYEES OF THE STATE OF MARYLAND DURING THE
PREVIOUS 12 MONTHS. ASSETS OF THE ACCUMULATION FUND EQUAL
TO THIS PROPORTIONATE SHARE SHALL BE TRANSFERRED TO THE
ACCUMULATION FUND OF THE PENSION SYSTEM.

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

32.

Any such person desiring so to transfer his membership
shall notify the administrative head of the retirement
system of which he is a member prior to or at the time of
his withdrawal therefrom of his intention to enter the other
retirement system, and shall request a refund of the total
amount of the accumulated contributions standing to his
credit in the Annuity Savings Fund, or other corresponding
fund, of the system of which he is a member. Upon his
entry into the other retirement system and the deposit of
such accumulated contributions in the Annuity Savings Fund
or other corresponding fund thereof, within one year of the
date of such refund, he shall receive [prior] service credit
FOR AND IN THE AMOUNT OF BENEFITS in the system to which he
has transferred for all service TO HIS CREDIT AS A MEMBER OF
THE SYSTEM FROM WHICH HE IS TRANSFERRING, [rendered prior to
January 1, 1926, if any, provided he was in the service at
any time during the calendar year 1925 and membership
service credit for all continuous service since January 1,
1926. Such membership service credit shall be equal to the
sum of the credits for (1) service credited as prior service
in the system from which he is transferring if such "prior
service" was rendered subsequent to January 1, 1926, and