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77
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HARRY HUGHES, Governor
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(19) "Retirement" means withdrawal from active
service with a retirement allowance granted under the provisions
of this article.
(20) "Annuity reserve" means the present value of
all payments to be made on account of any annuity or benefit in
lieu of any annuity computed upon the basis of such mortality
tables as shall be adopted by the board of trustees, and regular
interest.
(21) "Pension reserve" means the present value of
ail payments to be made on account of any pension or benefit in
lieu of any pension computed upon the basis of such mortality
tables as shall be adopted by the board of trustees, and regular
interest.
(22) "Actuarial equivalent" means a benefit of equal
value when computed upon the basis of such mortality tables as
shall be adopted by the board of trustees, and regular interest.
(23) "County" includes the City of Baltimore.
111.
In this subtitle the following words have the meanings
indicated.
(7) "Medical board" means a board of physicians
provided for in § [158] 159 of this article.
117.
(1) (a) (I) Any member may retire on written application to
the board of trustees setting forth at what time he desires to be
retired, provided that the member at the time he specifies for
his retirement shall have attained[: (i)] 30 years of
eligibility service[,] or [(ii)] the age and have the years of
[creditable] ELIGIBILITY service as follows [and notwithstanding
that during the period of notification he may have separated from
service]:
Age Years of [Creditable] ELIGIBILITY Service
62 with 5
63 with 4
64 with 3
65 or more with 2
[(iii)] (II) A former member who is eligible
for a service retirement allowance at the time service is
terminated may receive the service retirement allowance as of the
first day of the month following receipt of the written
application.
130.
(2) (c) To participate in this pension system the following
entities shall be considered to be a municipal corporation:
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