Ch. 580                                       LAWS OF MARYLAND

PAID OR PAYABLE AND IF THE REDUCED ALLOWANCE IS NOT LESS THAN THE
MEMBER'S ANNUITY.

157B.

(A) ALL OF THE ASSETS OF THIS PENSION SYSTEM SHALL BE
CREDITED, ACCORDING TO THE PURPOSE FOR WHICH THEY ARE HELD, TO
THE FOLLOWING FUNDS:

(1) THE ANNUITY SAVINGS FUND;

(2) THE ACCUMULATION FUND; AND

(3) THE EXPENSE FUND.

(B) (1) THE ANNUITY SAVINGS FUND SHALL BE THE FUND IN WHICH
THE CONTRIBUTIONS DEDUCTED FROM THE COMPENSATION OF MEMBERS AND
PICKUP CONTRIBUTIONS PROVIDED FOR IN THIS SUBSECTION TOGETHER
WITH ANY AMOUNTS TRANSFERRED THERETO FROM THE ANNUITY SAVINGS
FUND OF THE RETIREMENT SYSTEM SHALL BE ACCUMULATED. THE AMOUNTS
TRANSFERRED SHALL BE ALLOCATED BETWEEN REGULAR AND ADDITIONAL
CONTRIBUTIONS. ON RETIREMENT OR OTHER WITHDRAWAL FROM SERVICE ON
THE BASIS OF WHICH A RETIREMENT ALLOWANCE IS PAYABLE, THE
MEMBER'S ADDITIONAL CONTRIBUTIONS, WITH INTEREST, SHALL BE PAID
AS AN ADDITIONAL ALLOWANCE EQUAL TO AN ANNUITY THAT IS THE
ACTUARIAL EQUIVALENT OF THAT AMOUNT, IN THE SAME MANNER AS THE
BENEFIT OTHERWISE PAYABLE UNDER THIS PENSION SYSTEM.

(2) (I) CONTRIBUTIONS SHALL BE MADE. ON AND AFTER THE
DATE OF ESTABLISHMENT:

1. FOR MEMBERS OF THIS PENSION SYSTEM,
OTHER THAN A MEMBER WHO HAS TRANSFERRED TO THIS PENSION SYSTEM
FROM THE EMPLOYEES' RETIREMENT SYSTEM OF THE STATE OF MARYLAND,
AT THE RATE OF 5 PERCENT OF THE PART OF THE MEMBER'S EARNABLE
COMPENSATION THAT IS IN EXCESS OF THE TAXABLE WAGE BASE FOR EACH
YEAR; OR

2. FOR MEMBERS OF THIS PENSION SYSTEM WHO
HAVE TRANSFERRED TO THIS PENSION SYSTEM FROM THE EMPLOYEES'
RETIREMENT SYSTEM OF THE STATE OF MARYLAND, AT THE RATE OF 7
PERCENT OF THE MEMBER'S EARNABLE COMPENSATION.

(II) EACH OF THE AMOUNTS SHALL BE:

1. DEDUCTED UNTIL THE MEMBER RETIRES OR
OTHERWISE WITHDRAWS FROM SERVICE;

2. PAID INTO THE ANNUITY SAVINGS FUND;
AND

3. CREDITED TO THE INDIVIDUAL ACCOUNT OF
THE MEMBER.

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