26

LAWS OF MARYLAND

Ch. 7

(5)  FOR CREDITABLE SERVICE FROM JULY 1, 1984, THE
PROPORTION OF EARNABLE COMPENSATION PAYABLE BY A MEMBER WHO
SELECTS THE OPTION PROVIDED IN THIS SECTION SHALL CONTINUE TO BE
THAT PROVIDED BY § 14(I)(A) OF THIS ARTICLE.

(6)  A MEMBER WHO SELECTS THE OPTION PROVIDED IN THIS
SECTION MAY AFTER SELECTION OF THIS OPTION:

(A)  TRANSFER TO THE PENSION SYSTEM FOR EMPLOYEES OF
THE STATE OF MARYLAND AS PROVIDED BY § 113 OF THIS ARTICLE; OR

(B)  ACCUMULATED CONTRIBUTIONS RETURNED TO THE MEMBER
AS OF THE DATE OF TRANSFER PURSUANT TO SECTION 14(1)(G) OR
SECTION 89(1)(E) OF THIS ARTICLE SHALL BE RETURNED TO THE MEMBER
WITH THE AVERAGE RATE OF INTEREST FOR THE 5 YEARS PRECEDING THE
YEAR OF TRANSFER COMPOUNDED ANNUALLY. THE RATE OF INTEREST FOR
ANY ONE YEAR SHALL BE COMPUTED AS THE SUM OF THE INVESTMENT
INCOME AND THE REALIZED GAINS AND LOSSES DIVIDED BY THE BOOK
VALUE OF THE TOTAL INVESTMENTS; OR

(B) (C) SELECT A RETIREMENT ALLOWANCE AS PROVIDED IN
§ 11B OF THIS ARTICLE AND THE PROPORTION OF EARNABLE COMPENSATION
THAT IS PAYABLE AS PROVIDED IN § 122(1)(B) OF THIS ARTICLE WITH
THE EFFECTIVE DATE OF THE SELECTION BEING SUBSTITUTED FOR JULY 1,
1984. THE ADJUSTMENT TO THE RETIREMENT ALLOWANCE FOR ALL
CREDITABLE SERVICE PRIOR TO THE DATE OF SELECTION SHALL BE
CALCULATED AS PROVIDED IN SUBSECTION (4) OF THIS SECTION AND NOT
AS PROVIDED IN § 11A OF THIS ARTICLE. THE ADJUSTMENT TO THE
RETIREMENT ALLOWANCE FOR ALL CREDITABLE SERVICE AFTER THE
EFFECTIVE DATE OF SELECTION SHALL BE CALCULATED AS PROVIDED BY §
118 OF THIS ARTICLE.

(7)  EXCEPT AS PROVIDED IN THIS SECTION, RETIREMENT UNDER
THIS SECTION IS SUBJECT TO THE OTHER APPLICABLE PROVISIONS OF
THIS ARTICLE.

11D.

(1)  NOTWITHSTANDING THE PROVISIONS OF THIS SUBTITLE, A
MEMBER WHO IS IN SERVICE ON JULY 1, 1984 MAY ELECT TO RECEIVE A
RETIREMENT ALLOWANCE AS PROVIDED IN THIS SECTION.

(2) (A) A MEMBER IN SERVICE ON JULY 1, 1984 WHO WISHES TO
SELECT THE RETIREMENT ALLOWANCE AS PROVIDED IN THIS SECTION SHALL
NOTIFY THE EMPLOYEES' RETIREMENT SYSTEM NOT LATER THAN OCTOBER 1,
1984 JANUARY 1, 1985 OF THE ELECTION ON FORMS PROVIDED BY THE
SYSTEM. A MEMBER NOT IN SERVICE ON JULY 1, 1984 BUT WHO IS
ELIGIBLE TO RETURN TO SERVICE IN THE SYSTEM SHALL HAVE 90 DAYS
FROM THE DATE OF RETURN TO SERVICE TO SELECT THE OPTION PROVIDED
IN THIS SECTION.

(B) THE EXECUTIVE DIRECTOR OF THE STATE    RETIREMENT

AGENCY MAY ACCEPT AN ELECTION UNDER THIS SUBSECTION  FILED BY A

MEMBER AFTER OCTOBER 1, 1984 JANUARY 1, 1985 OR    AFTER THE

EXPIRATION OF 90 DAYS FROM THE RETURN TO SERVICE UPON  RECEIPT OF