4044

VETOES

allowance, will provide for him a total retirement allowance not
in excess of two thirds of his average final compensation at the
age of 62. [In addition to the contributions provided for in
this section, subject to the conditions established by the board
of trustees, any eligible member, in accordance with a contract
with his employer, may have further contributions at a fixed
percentage of 2 percent or more, but not to exceed 20 percent of
his compensation made on his account, either by a reduction in
his salary or instead of an increase in his compensation. The
cost of administering annuities that qualify under § 403(b) of
the Internal Revenue Code as amended from time to time, shall be
provided from the funds invested in these annuities.] These
additional amounts so deposited shall become a part of his
accumulated contributions except in the case of retirement, when
they shall be treated as excess contributions returnable to the
member in cash or as an annuity of equivalent actuarial value.

ISO-
All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; or

(iii) The Expense Fund.

(1) (d) Subject to the approval of the board of trustees,
in addition to the contributions deducted from earnable
compensation as hereinbefore provided any member may deposit
therein by a single payment or by an increased rate of
contribution an amount computed to be sufficient to purchase an
additional annuity that, together with his prospective retirement
allowance, will provide for him a total retirement allowance not
in excess of two thirds of his average final compensation at the
age of 62. [In addition to the contributions hereinbefore
provided, subject to the conditions established by the board of
trustees, any eligible member, in accordance with a contract with
his employer, may have further contributions at a fixed
percentage of 2 percent or more, but not to exceed 20 percent of
his compensation made on his account, either by a reduction in
his salary, or instead of an increase in his compensation. The
cost of administering annuities that qualify under § 403(b) of
the Internal Revenue Code, as amended from time to time, shall be
provided from the funds invested in these annuities.] This
section does not prohibit a local board of education from
adopting a similar plan that qualifies under § 403(b) of the
Internal Revenue Code as amended from time to time, through a
commercial insurance carrier, and before entering into an
agreement with the board of trustees of this pension system, a
county board of education shall consider a proposal of at least