HARRY HUGHES, Governor

2213

provided, in no case shall more than one year of service be
creditable for all service in one calendar year.

(b)  A month of service shall mean a month or any
portion of a month if a contribution from compensation is made in
that month.

(c)  Service rendered for the full normal working time
in any year shall be equivalent to one year's service.

(d) (I) A member shall be allowed a full year of
service credit for each calendar year of regular part-time
employment to establish eligibility for any type of retirement or
benefit. However, the actual time served shall be used in the
computation of the retirement allowance or benefit[.] EXCEPT WHEN
THE PART-TIME SERVICE IS DETERMINED BY THE MEDICAL BOARD TO BE A
RESULT OF A MEDICALLY DETERMINED DISABILITY WHICH PREVENTS
FULL-TIME WORK AND THE MEMBER ELECTS TO MAKE THE CONTRIBUTIONS
FOR FULL-TIME EMPLOYMENT REQUIRED BY § 14(1)(A) OF THIS ARTICLE.

(II) IF AT THE TIME THE MEDICAL BOARD MAKES
THIS DETERMINATION THE MEMBER ELECTS TO MAKE THE CONTRIBUTIONS
FOR FULL-TIME EMPLOYMENT REQUIRED BY § 14(1)(A) OF THIS ARTICLE,
THE MEMBER SHALL RECEIVE FULL SERVICE CREDIT FOR THE PART-TIME
SERVICE IN THE COMPUTATION OF THE RETIREMENT ALLOWANCE OR
BENEFIT. FULL SERVICE CREDIT FOR PURPOSES OF COMPUTING THE
RETIREMENT ALLOWANCE OR BENEFIT, HOWEVER, MAY NOT BE GRANTED FOR
A DISABILITY INCURRED PRIOR TO THE MEMBER'S ENROLLMENT IN THE
RETIREMENT SYSTEM, EXCEPT TO THE EXTENT THAT THIS DISABILITY WAS
AGGRAVATED SUBSEQUENT TO THE MEMBER'S ENROLLMENT.

(e)  A member holding an elective or appointive
position shall receive a full year's credit for each full year
during which the member holds the position.

14.

All of the assets of the retirement system shall be

credited, according to the purpose for which they are held, to

one of three funds, namely the Annuity Savings Fund, the
Accumulation Fund, and the Expense Fund.

(1) (a) The Annuity Savings Fund shall be a fund in which
shall be accumulated contributions from the compensation of
members to provide for their annuities. Upon the basis of such
tables as the board of trustees shall adopt and an interest rate
of four per centum per annum compounded annually, the actuary of
the retirement system shall determine for each member who shall
have become a member prior to July 1, 1973, the proportion of
earnable compensation which, when deducted from each payment of
his prospective compensation earnable prior to his attainment of
the age of 60 and accumulated at interest of four per centum per
annum compounded annually until his attainment of said age, shall
be computed to provide at that time an annuity equal to one
one-hundred-and-fortieth of his average final compensation for