1824                                             LAWS OF MARYLAND                                         Ch. 290

[(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:

(i) Allow regular interest on the
individual accounts of members in the Annuity Savings Fund; and

(ii) Transfer these amounts from the
Accumulation Fund.

[(g)] (D) All retirement allowances and
lump-sum death benefits on account of death in active service
payable from contributions of the State, shall be paid from the
Accumulation Fund.

[(h)] (E) Should a beneficiary retired on
account of disability be restored to membership, his annuity
reserve shall be transferred from the Accumulation Fund to the
Annuity Savings Fund and credited to his individual account
therein.

[(i)] (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.

SECTION 2. AND BE IT FURTHER ENACTED, That during 1983 the
Joint Legislative and Executive Committee on Pensions has
discussed policy issues involved in a series of proposals to
provide for the costs of pension benefits in the State employees
pension and retirement systems for employees of local
governments. In the belief that the present method of providing
for these costs by the local governments may be inequitable, the
following action that was taken by the Committee is adopted by
the General Assembly:

a.   Request the Board of Trustees for Maryland State
Retirement and Pension Systems to do the following:

1.  Contract with the State actuary for a
thorough review of the several prior proposals providing for
these costs; and

2.   Submit the recommendations to the Policy
Committee of the General Assembly; and

b.   Extend through the 1985 fiscal year the moratorium
that is in effect for the 1984 fiscal year on payment of accrued
liabilities and contributions by local governments to the State
Employees' Retirement System and the Pension System for Employees
of the State of Maryland.