3498

LAWS OF MARYLAND

Ch. 741

excess contributions returnable to the member in. cash or as an
annuity of equivalent actuarial value. The accumulated
contributions of the member withdrawn by him, or paid to his
estate or to his designated beneficiary in event of his death as
provided in this subtitle, shall be paid from the Annuity Savings
Fund. Upon the retirement of a member his accumulated
contributions shall be transferred from the Annuity Savings Fund
to the Accumulation Fund.

122.

All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; and

(iii) The Expense Fund.

(1) (d) 'Subject to the approval of the board of
trustees, in addition to the contributions deducted from earnable
compensation as provided in this section, any member may deposit
therein by single payment or by an increased rate of contribution
an amount computed to be sufficient to purchase an additional
annuity which, together with his prospective retirement
allowance, will provide for him a total retirement allowance not
in excess of two thirds of his average final compensation at the
age of 62. [In addition to the contributions provided for in
this section, subject to the conditions established by the board
of trustees, any eligible member, in accordance with a contract
with his employer, may have further contributions at a fixed
percentage of 2 percent or more, but not to exceed 20 percent of
his compensation made on his account, either by a reduction in
his salary or instead of an increase in his compensation. The
cost of administering annuities that qualify under § 403(b) of
the Internal Revenue Code as amended from time to time, shall be
provided from the funds invested in these annuities.] These
additional amounts so deposited shall become a part of his
accumulated contributions except in the case of retirement, when
they shall be treated as excess contributions returnable to the
member in cash or as an annuity of equivalent actuarial value.

150.

All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:

(i) The Annuity Savings Fund;

(ii) The Accumulation Fund; or

(iii) The Expense Fund.