32

LAWS OF MARYLAND

Ch. 7

(C)  FOR PURPOSES OF THIS SUBSECTION (4), CONSUMER
PRICE INDEX SHALL MEAN THE CONSUMER PRICE INDEX, U.S. CITY
AVERAGE - ALL URBAN CONSUMERS AS OF DECEMBER 31 AS PUBLISHED BY
THE UNITED STATES DEPARTMENT OF LABOR;

(D)  THE TOTAL RETIREMENT ALLOWANCE PAYABLE IN EACH
FISCAL YEAR SHALL BE THE SUM OF:

(I)  THE MEMBER'S ANNUAL RATE OF RETIREMENT
ALLOWANCE PAID DURING THE PRIOR FISCAL YEAR;

(II)  THE ADJUSTMENT IN RETIREMENT ALLOWANCE
PROVIDED FOR UNDER THIS SUBSECTION (4); AND

(III)  ANY ADDITIONAL VOLUNTARY ANNUITY; AND

(E)  THE ALLOWANCE OF A SURVIVING BENEFICIARY OF A
MEMBER OR A RETIRED MEMBER SHALL, WHEN AND IF PAYABLE, BE
ADJUSTED IN THE SAME MANNER AS PROVIDED IN THIS SUBSECTION.

(5)  FOR CREDITABLE SERVICE FROM JULY 1, 1984, THE
PROPORTION OF THE EARNABLE COMPENSATION PAYABLE BY A MEMBER WHO
SELECTS THE OPTION PROVIDED IN THIS SECTION SHALL CONTINUE TO BE
THAT PROVIDED BY § 89(1)(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 TEACHERS OF
THE STATE OF MARYLAND AS PROVIDED BY § 142 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
§ 86B OF THIS ARTICLE AND THE PROPORTION OF EARNABLE COMPENSATION
PAYABLE AS PROVIDED IN § 89(1)(A) 150(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 § 86A 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 §
146 OF THIS ARTICLE.

(7)  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