30

LAWS OF MARYLAND

Ch. 7

(B) FOR CREDITABLE SERVICE FROM JULY 1, 1984, AS
PROVIDED IN § 146 OF THIS ARTICLE.

(4)  FOR CREDITABLE SERVICE RECEIVED FROM JULY 1, 1984, THE
PROPORTION OF THE EARNABLE COMPENSATION PAYABLE BY A MEMBER IS
THAT PROVIDED BY § 150(1)(B) OF THIS ARTICLE.

(5)  A PROFESSIONAL EMPLOYEE OR FACULTY MEMBER AT ANY
INSTITUTION OF HIGHER EDUCATION WHO IS A MEMBER OF THE TEACHERS'
RETIREMENT SYSTEM SHALL RETAIN THE RIGHT TO PARTICIPATE IN THE
OPTIONAL RETIREMENT SYSTEM ESTABLISHED UNDER § 110 OF THIS
ARTICLE.

(6) (A) A MEMBER WHO IS SUBJECT TO THIS SECTION MAY
TRANSFER TO THE PENSION SYSTEM FOR TEACHERS OF THE STATE OF
MARYLAND, AS PROVIDED BY § 142 OF THIS ARTICLE.

(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.

(7)  A MEMBER WHO IS SUBJECT TO THIS SECTION WHO AT THE TIME
OF RETIREMENT IS ENTITLED TO MEMBERSHIP SERVICE FOR UNUSED SICK
LEAVE UNDER § 85(8) OF THIS ARTICLE SHALL HAVE THE TOTAL AMOUNT
OF UNUSED SICK LEAVE APPORTIONED IN THE SAME RATIO THAT THE
MEMBER'S CREDITABLE SERVICE IS APPORTIONED FOR CALCULATION OF THE
RETIREMENT ALLOWANCE UNDER SUBSECTION (2) OF THIS SECTION.

(8) FOR PURPOSES OF COMPUTING A MEMBER'S RETIREMENT
ALLOWANCE:

(A) SERVICE CREDIT RECEIVED BY A MEMBER, OTHER THAN
SINCE THE INDIVIDUAL LAST BECAME A MEMBER, SHALL BE TREATED AS
CREDITABLE SERVICE AS OF THE DATE THE SERVICE WAS RENDERED. THIS
PROVISION DOES NOT APPLY TO SERVICE CREDIT RECEIVED PURSUANT TO
ARTICLE 65, SECTION 88; AND

(B) BENEFITS FOR MILITARY SERVICE CREDIT, RECEIVED BY
A MEMBER PURSUANT TO ARTICLE 65, SECTION 88, SHALL BE DETERMINED
AS OF THE DATE THE BOARD OF TRUSTEES VERIFIES THE CREDIT FOR
MILITARY SERVICE.

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

86C.