Ch. 580                                       LAWS OF MARYLAND

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.

(C) (1) THE ACCUMULATION FUND SHALL BE THE FUND IN WHICH
SHALL BE ACCUMULATED ALL RESERVES FOR THE PAYMENT OF ALL
ALLOWANCES AND OTHER BENEFITS PAYABLE FROM CONTRIBUTIONS MADE BY
THE PARTICIPATING MUNICIPAL CORPORATIONS, ANY AMOUNTS TRANSFERRED
FROM THE ACCUMULATION FUND OF THE RETIREMENT SYSTEM, AMOUNTS
TRANSFERRED FROM THE ANNUITY SAVINGS FUND, AND FROM WHICH SHALL
BE PAID ALL BENEFITS PAYABLE UNDER THIS SYSTEM OTHER THAN THOSE
PAYABLE FROM THE ANNUITY SAVINGS FUND.

(2)  THE TOTAL AMOUNT PAYABLE TO THE ACCUMULATION FUND
IN EACH YEAR AFTER THE FIRST YEAR FOLLOWING THE DATE OF
ESTABLISHMENT MAY NOT BE LESS THAN THE SUM OF THE RATES PERCENT
KNOWN AS THE NORMAL. CONTRIBUTION RATE AND THE ACCRUED LIABILITY
CONTRIBUTION RATE, OF THE TOTAL COMPENSATION EARNABLE BY ALL
MEMBERS DURING THE PRECEDING FISCAL YEAR, BUT THE AGGREGATE
PAYMENT BY THE PARTICIPATING MUNICIPAL CORPORATIONS MUST BE
SUFFICIENT, WHEN COMBINED WITH THE AMOUNT IN THE ACCUMULATION
FUND, TO PROVIDE THE ALLOWANCES AND OTHER BENEFITS PAYABLE OUT OF
THE FUND DURING THE YEAR THEN CURRENT.

(3)  ALL INTEREST AND DIVIDENDS EARNED ON THE FUNDS OF
THIS PENSION SYSTEM SHALL BE CREDITED TO THE ACCUMULATION FUND.
EACH YEAR, THE BOARD OF TRUSTEES SHALL;

(I)  ALLOW REGULAR INTEREST ON THE INDIVIDUAL
ACCOUNTS OF MEMBERS IN THE ANNUITY SAVINGS FUND; AND

(II)  TRANSFER THESE AMOUNTS FROM THE
ACCUMULATION FUND.

(4)  ALL RETIREMENT ALLOWANCES AND ALL LUMP-SUM DEATH
BENEFITS ON ACCOUNT OF DEATH IN ACTIVE SERVICE THAT ARE PAYABLE
FROM CONTRIBUTIONS OF THE STATE SHALL BE PAID FROM THE
ACCUMULATION FUND.

(5)  SHOULD A BENEFICIARY RETIRED ON ACCOUNT OF
DISABILITY BE RESTORED TO ACTIVE SERVICE WITH A COMPENSATION NOT
LESS THAN THE BENEFICIARY'S AVERAGE FINAL COMPENSATION AT THE
TIME OF THE BENEFICIARY'S LAST RETIREMENT, THE BENEFICIARY'S
ANNUITY RESERVE SHALL BE TRANSFERRED TO THE ANNUITY SAVINGS FUND
AND CREDITED TO THE BENEFICIARY'S INDIVIDUAL ACCOUNT THEREIN.

(6)  THE BOARD OF TRUSTEES MAY IN ITS DISCRETION FOR
PURPOSES OF ACTUARIAL VALUATION ADOPT A GENERALLY ACCEPTED METHOD
FOR DETERMINING THE VALUE OF THE ASSETS HELD BY THE RETIREMENT

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