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ROBERT L. EHRLICH, JR., Governor
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Ch. 110
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(iii) the individual becomes reemployed within 12 months of
receiving an early service retirement allowance or an early vested allowance
computed under § 23-402 of this subtitle.
(2) The reduction required under paragraph (1) of this subsection shall
equal:
(i) the amount by which the sum of the individual's initial annual
basic allowance and the individual's annual compensation exceeds the average final
compensation used to compute the basic allowance; or
(ii) for a retiree who retired under the Workforce Reduction Act
(Chapter 353 of the Acts of 1996), the amount by which the sum of the retiree's annual
compensation and the retiree's annual basic allowance at the time of retirement,
including the incentive provided by the Workforce Reduction Act, exceeds the average
final compensation used to compute the basic allowance.
(3) A reduction of an early service retirement allowance or an early
vested allowance under paragraph (1)(iii) of this subsection shall be applied only until
the individual has received an allowance for 12 months.
(4) Except for an individual whose allowance is subject to a reduction as
provided under paragraphs (1)(iii) and (3) of this subsection, the reduction of an
allowance under this subsection does not apply to:
(i) an individual whose average final compensation was less than
$10,000 and who is reemployed on a temporary or contractual basis;
(ii) an individual who is serving in an elected position as an official
of a participating governmental unit or as a constitutional officer for a county that is
a participating governmental unit;
(iii) an individual who has been retired for 9 years, beginning on
January 1 after the date the individual retires;
(iv) a retiree of the Teachers' Pension System who:
1. is or has been certified to teach in the State;
2. has verification of satisfactory or better performance in
the last assignment prior to retirement;
3. based on the retired teacher's qualifications, has been
appointed in accordance with § 4-103 of the Education Article; and
4. receives verification of satisfactory or better performance
each year the teacher is employed under paragraph (5) of this subsection;
(v) a retiree of the Teachers' Pension System who:
1. A. was employed as a principal within 5 years of
retirement; or
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- 681 -
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