4014

VETOES

COMPENSATION THE MEMBER WOULD HAVE EARNED HAD THE MEMBER BEEN A
FULL-TIME EMPLOYEE DURING THE PERIOD OF DISABILITY.

85.

(2) The board of trustees shall fix and determine by
appropriate rules and regulations how much service in any year is
equivalent to one year of service, but except as otherwise
provided, in no case shall more than one year of service be
creditable for all service in one calendar year.

(c) (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 SECTION 89(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 89(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.

89.

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 4 percent per year 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
compensation which, when deducted from each payment of his
prospective earnable annual compensation prior to his attainment
of age 60 and accumulated at interest of 4 percent per year
compounded annually, until his attainment of such 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