WILLIAM DONALD SCHAEFER, Governor Ch. 490

(b)(1) Upon retirement for service a member shall receive
a service retirement allowance which shall be computed as one
forty-fifth of his or her average final compensation for each [or
the first twenty-five years] YEAR of creditable service[, and one
ninetieth of his or her average final compensation for each year
after the first twenty-five years of creditable service. The
pension which is payable to any member who has more than
twenty-five years of creditable service as of July 1, 1965, may
not be less than the sum of pension, additional pension and
supplemental pension he or she would have received upon service
retirement under the provisions of this subtitle in effect prior
to July 1, 1965].

(d)(1) Upon retirement for ordinary disability a member
shall receive a service retirement allowance if he or she has
attained the age of 50, otherwise he or she shall receive an
ordinary disability retirement allowance which shall be computed
as one forty-fifth of his or her average final compensation for
each [of the first 25 years] YEAR  of creditable service [and one
ninetieth of his or her average final compensation for each year
after the first 25 years of creditable service], but in no event
shall the total retirement allowance be less than 35 percent of
his or her average final compensation.

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.

(1) (b) [Commencing as of July 1, 1973, the] (I) THE
head of the department shall cause to be deducted from the salary
of each member on each and every payroll of such department for
each and every payroll period, [eight per centum of his] THE
FOLLOWING PERCENT OF THE MEMBER'S earnable compensation:

1.  8 PERCENT OF EARNABLE COMPENSATION FOR
THE FIRST 25 YEARS OF CREDITABLE SERVICE; AND

2.  4 PERCENT OF EARNABLE COMPENSATION
THEREAFTER.

(II) After June 30, 1981, or the termination
date of any prior contract, the [full 8 percent] APPROPRIATE
PERCENTAGE of the member's earnable compensation may not be
provided for except as a deduction from the salary of the member.
In determining the amount earnable by a member in a payroll
period, the board of trustees may consider the annual
compensation payable to such member on the first day of the
payroll period as continuing throughout such payroll period and
it may omit deduction from compensation for any period less than
a full payroll period if an employee was not a member on the

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