ROBERT L. EHRLICH, JR., Governor                             Ch. 532

(ii) as its denominator, the average of the member's annual
earnable compensation as of the end of the preceding 3 fiscal years.

(4)     The Board of Trustees shall transfer for the member's benefit the
balance, if any, of the member's contributions plus regular interest to the annuity
savings fund of the pension system to which the member is transferring.

(5)     (i) The interest rate to be applied to the member contributions
under paragraph (2) of this subsection is the average rate of interest, compounded
yearly, for the 5 fiscal years preceding the calendar year of transfer.

(ii) The rate of interest for each fiscal year that is used to compute
the average rate of interest under subparagraph (i) of this paragraph equals the sum
of the investment income and the realized gains and losses divided by the book value
of the total investments.

(c) (1) If a member transfers to a pension system under subsection (a) of this
section, the Board of Trustees shall transfer the member's employer pickup
contributions for the member's benefit to the annuity savings fund of the pension
system to which the member is transferring.

(2)     The Board of Trustees shall transfer:

(i) as additional contributions, the part of a member's employer
pickup contributions obtained by multiplying the member's total employer pickup
contributions as of the date of transfer by the fraction specified in subsection (b)(3) of
this section, plus interest computed as provided in paragraph (3) of this subsection;
and

(ii) as member contributions, any balance of the member's
employer pickup contributions plus regular interest.

(3)     (i) The interest rate to be applied to the member contributions
under paragraph (2) of this subsection is the average rate of interest, compounded
yearly, for the 5 fiscal years preceding the calendar year of transfer.

(ii) The rate of interest for each fiscal year that is used to compute
the average rate of interest under subparagraph (i) of this paragraph equals the sum
of the investment income and the realized gains and losses divided by the book value
of the total investments.]

22-213.

[(a) (1) A] ON OR AFTER JANUARY 1, 2005, A former member who has elected
a vested allowance under § 29-302 of this article may NOT elect to be vested in:

[(i)] (1) the Employees' Pension System, if a former member of the
Employees' Retirement System; or

[(ii)] (2) the Teachers' Pension System, if a former member of the
Teachers' Retirement System.

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