Ch. 430                                          LAWS OF MARYLAND

Article - Tax - General
Section 10-205(a) and 10-207(a)
Annotated Code of Maryland

(As enacted by Chapter ____ (S.B. 1) of the

Acts of the General Assembly of 1988)

BY adding to

Article - Tax - General
Section 10-205(f) and 10-207(t)
Annotated Code of Maryland

(As enacted by Chapter ____ (S.B. 1) of the

Acts of the General Assembly of 1988)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:

Article 73B - Pensions

1.

The following words and phrases as used in this article,
unless a different meaning is plainly required by the context,
shall have the following meanings:

(13)   "Accumulated contributions" shall mean the sum
of all [the amounts deducted from the compensation of a member
and] REGULAR CONTRIBUTIONS OF A MEMBER AND PICKUP CONTRIBUTIONS
OF A MEMBER, PROVIDED FOR IN § 14(1)(H) OF THIS ARTICLE, THAT ARE
credited to [his] THE MEMBER'S individual account in the Annuity
Savings Fund, together with regular interest thereon, as provided
in § 14 of this article.

(14)  "Earnable compensation" means the normal monthly
compensation payable to an employee for working the normal time
for the employee's position and that is equal to one-twelfth of
the employee's annual salary rate, INCLUDING THE MONTHLY PICKUP
CONTRIBUTION PROVIDED FOR IN §14(1)(H) OF THIS ARTICLE.

(23) "REGULAR CONTRIBUTIONS" MEANS THE AMOUNTS
DEDUCTED FROM THE COMPENSATION OF A MEMBER AND CREDITED TO THE
MEMBER'S INDIVIDUAL ACCOUNT IN THE ANNUITY SAVINGS FUND PRIOR TO
JANUARY 1, 1989.

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.

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