1522                                    LAWS OF MARYLAND                                 Ch. 263

such deduction is to be made.

122.

All of the assets of this pension system shall be
credited, according to the purpose for which they are held,
to the following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; and

(iii) The Expense Fund.

(1) (b) (I) Contributions shall be made on and after
the date of establishment at the rate of 5 percent of the
part of the member's earnable compensation that is in excess
of the taxable wage base for each year. Each of the amounts
shall be:

[(i)] 1. Deducted until the member
retires or otherwise withdraws from service;

[(ii)] 2. Paid into the Annuity
Savings Fund; and

[(iii)] 3. Credited to the
individual account of the member.

(II) AFTER JUNE 30, 1981, OR THE
TERMINATION DATE OF ANY PRIOR CONTRACT, THE FULL 5 PERCENT
OF THE MEMBER'S EARNABLE COMPENSATION THAT IS IN EXCESS OF
THE TAXABLE WAGE BASE MAY NOT BE PROVIDED FOR EXCEPT AS A
DEDUCTION FROM THE SALARY OF THE MEMBER.

150.

All of the assets of this pension system shall be
credited, according to the purpose for which they are held,
to the following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; or

(iii) The Expense Fund.

(1) (b) (I) Contributions shall be made on and after
the date of establishment at the rate of 5 percent of the
part of the member's earnable compensation that is in excess
of the taxable wage base for each year. Each of the amounts
shall be:

[(i)] 1. Deducted until the member
retires or otherwise withdraws from service;

[(ii)] 2. Paid into the Annuity
Savings Fund; and