WILLIAM DONALD SCHAEFER, Governor

Ch. 779

(B) (I) THE RATE OF INTEREST TO BE PAID IS THE
AVERAGE RATE OF INTEREST FOR THE 5 YEARS PRECEDING THE YEAR OF
PAYMENT.

(II) THE RATE OF INTEREST FOR EACH OF THOSE 5
YEARS IS COMPUTED AS THE SUM OF THE INVESTMENT INCOME AND THE
REALIZED GAINS AND LOSSES DIVIDED BY THE BOOK VALUE OF THE TOTAL
INVESTMENTS.

SECTION 2. AND BE IT FURTHER ENACTED, That this Act shall
take effect July 1, 1989.

Approved May 25, 1989.

CHAPTER 779

(Senate Bill 345)

AN ACT concerning

Pensions - Masters in Chancery or Juvenile Causes

FOR the purpose of providing for the method of contribution and
contribution rates for certain masters in chancery or
juvenile causes who are eligible for benefits under the
Judges' Retirement Plan of the State of Maryland; requiring
that certain fiscal officers of the counties in which the
masters are appointed by the circuit court for that county
pay certain amounts to the Board of Trustees of the Maryland
State Retirement and Pension Systems within a certain period
of time; providing for certain penalties and interest;
clarifying certain employer pickup provisions concerning the
masters who are not employed by the State; defining certain
terms; and generally relating to contributions by and for
masters in chancery or juvenile causes under the Judges'
Retirement Plan of the State of Maryland; providing that any
master in chancery or master in juvenile causes appointed
after a certain date in any county by the circuit court to
that county and who serves on a full-time basis as a master
is included in the Employees' Pension System of the State of
Maryland, subject to the benefits and limitations of this
retirement plan; and generally relating to the inclusion of
masters in the Employees' Pension System of the State of
Maryland.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 55 and 57(b), 57(b), and 111(4)

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