HARRY HUGHES, Governor

4013

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 SECTION 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 SECTION 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
each year of service as a member. Such proportion of
compensation shall be computed to remain constant.

However, commencing as of July 1, 1973, the proportion of
compensation payable by any member as of June 30, 1973 shall be
the lesser of (i) the proportion so determined or (ii) [five per
centum] 5 PERCENT of his earnable compensation, and the
proportion of compensation payable by any person who becomes a
member after June 30, 1973 shall be [five per centum] 5 PERCENT
of his earnable compensation. ANY MEMBER WHO QUALIFIES ELECTS
UNDER § 9(D) 9(2)(D) OF THIS ARTICLE FOR A FULL SERVICE CREDIT
FOR REGULAR PART-TIME SERVICE IN THE COMPUTATION OF THE
RETIREMENT ALLOWANCE OR BENEFIT SHALL CONTRIBUTE 5 PERCENT OF THE