82

LAWS OF MARYLAND

Ch. 23

(B)  THE ELIGIBILITY FOR A REDUCED SERVICE
RETIREMENT UPON COMPLETION OF A CERTAIN LENGTH OF SERVICE;

(C)  THE SERVICE RETIREMENT ALLOWANCE OF ONE
FIFTY-FIFTH OF AVERAGE FINAL COMPENSATION;

(D)  THE RETIREMENT ALLOWANCES PROVIDED FOR
ORDINARY OR ACCIDENTAL DISABILITY;

(E)  THE SELECTION OF OPTIONS FOR SERVICE OR
DISABILITY ALLOWANCES;

(F)  THE ADJUSTMENT OF THE RETIREMENT ALLOWANCE
FOR INCREASES IN THE CONSUMER PRICE INDEX;

(G)  THE DEATH BENEFIT;

(H) THE LEVEL OF CONTRIBUTIONS FROM MEMBERS; AND

(I) THE LENGTH OF SERVICE FOR MEMBERS TO VEST
BENEFITS IN THE SYSTEM.

88.

(2) Annuity Savings Fund is defined in § 81,
subsection (12) of this subtitle. "Regular interest" for
the purpose of the actuarial valuations shall mean such
percentage rate or rates to be compounded annually as shall
be determined by the board of trustees annually after taking
into consideration the actual interest 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 3 percent and maximum of 5 percent].

89.

(1)   (E) ANY MEMBER WHO TRANSFERS TO THE PENSION
SYSTEM FOR TEACHERS OF THE STATE OF MARYLAND, UNDER § 83(8)
OF THIS SUBTITLE, SHALL BE ELIGIBLE TO RECEIVE A RETURN OF A
PART OF HIS ACCUMULATED CONTRIBUTIONS AS OF THE DATE OF
TRANSFER. THE 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
SAID AMOUNT TRANSFERRED AS ADDITIONAL CONTRIBUTIONS TO THE
ANNUITY SAVINGS FUND OF THE PENSION SYSTEM FOR TEACHERS 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
TEACHERS 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