|
|
|
|
|
|
|
|
|
|
|
|
|
|
76 LAWS OF MARYLAND Ch. 8
|
|
|
|
|
|
|
|
|
(12) (a) "Regular interest" means, for purposes of
interest credits to the Annuity Savings Fund, interest at an
annual percentage rate compounded annually as may be set from
time to time by the board with a minimum rate of 3 percent per
year and a maximum rate of 4 percent per year.
(b) "Regular interest" means, for all other
purposes, interest at such rate or rates as may be set from time
to time by the board of trustees in accordance with § 88(2) of
this article.
(13) "Accumulated contributions" means the sum of
all the amounts deducted from the compensation of a member and
credited to his individual account in the Annuity Savings Fund
together with regular interest thereon as provided in § 89 of
this article.
(14) "Earnable compensation" means the normal
compensation payable to a teacher for working the normal time for
his or her position and from which contributions are deducted in
accordance with § 89(1) of this article.
(15) (a) "Average final compensation" means the
average annual earnable compensation of a teacher for the three
years of service as a teacher during which the teacher's earnable
compensation was highest, or if the teacher had less than three
years of service, then the teacher's average earnable
compensation for his or her total service. If a teacher
transferred from another actuarial retirement system in the State
and had less than three years service at the time of retirement,
the earnable compensation as a member in the other system may be
used in determination of "average final compensation."
(b) In the determination of average final
compensation, any extraordinary salary increase in the last three
years of service that would otherwise be included in average
final compensation shall be excluded, and the board of trustees
by a rule of general application shall determine what constitutes
an extraordinary salary increase. The provisions of this
paragraph of the definition of "average final compensation" do
not apply in cases of promotion.
(16) "Annuity" means payments for life derived from
the accumulated contributions of a member. All annuities shall
be payable in equal monthly installments.
(17) "Pension" means payments for life derived from
money provided by the State of Maryland. All pensions shall be
payable in equal monthly installments.
(18) "Retirement allowance" means the sum of the
"annuity" and the "pension," or any optional benefit payable in
lieu thereof.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
