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Ch. 430 LAWS OF MARYLAND
1. BE TREATED AS EMPLOYER CONTRIBUTIONS
IN DETERMINING TAX TREATMENT UNDER SECTION 414(H)(2) OF THE
INTERNAL REVENUE CODE, AS AMENDED;
2. BE IMPLEMENTED BY A REDUCTION, EQUAL
TO THE AMOUNT OF THE PICKUP, OF THE COMPENSATION OF EACH MEMBER
REQUIRED TO MAKE CONTRIBUTIONS TO THE ANNUITY SAVINGS FUND UNDER
THIS SUBSECTION AND MAY NOT BE INCLUDED AS GROSS INCOME OF THE
MEMBER UNTIL THE PICKUP AMOUNTS ARE DISTRIBUTED OR MADE AVAILABLE
TO THE MEMBER;
3. BE PAID BY THE STATE OR OTHER APPROVED
EMPLOYER FROM THE SAME SOURCE OF FUNDS USED IN PAYING
COMPENSATION TO THE MEMBER; AND
4. BE TREATED FOR ALL PURPOSES OF THIS
ARTICLE IN THE SAME MANNER AND TO THE SAME EXTENT AS
CONTRIBUTIONS MADE BY A MEMBER PRIOR TO JANUARY 1, 1989.
Article 88B - State Police
49.
The following words and phrases as used in this subtitle,
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 § 56(1)(G), THAT ARE credited to his
individual account in the Annuity Savings Fund, together with
regular interest thereon, as provided in § 56 of this subtitle.
(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 § 56(1)(G) 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.
56.
All of the assets of the retirement system shall be
credited, according to the purpose for which they are held, among
three funds, namely, the Annuity Savings Fund, the Accumulation
Fund, and the Expense Fund.
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