1812

LAWS OF MARYLAND

Ch. 290

[(e)] (B) The total amount payable to the
Accumulation Fund in each year after the first year 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)] (C) 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 Teachers 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)] (D) 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.

[(i)] (E) Should a beneficiary retired on
account of disability be restored to active service with a
compensation not less than his average final compensation at the
time of his last retirement, his annuity reserve shall be
transferred to the Annuity Savings Fund and credited to his
individual account therein.

[(j)] (F) The board of trustees may in its
discretion for purposes of actuarial valuation adopt a generally
accepted method for determining the value of the assets held by
the retirement system, provided that for general ledger
accounting and financial reporting the board of trustees will use
generally accepted accounting principles.

[(k)] (G) Whenever an audit of the records of a
school system, public library, or educational institution reveals
that the system, library, or institution owes money to the
Accumulation Fund of the Teachers' Retirement. System, any
delinquent payment may be collected by the Division of Social
Security in the manner set forth in § 39(e)(2) of this article
for recovery of delinquent social security payments.