WILLIAM DONALD SCHAEFER, Governor

Ch. 6

1.        AS ITS NUMERATOR, THE NUMBER OF HOURS OF
EMPLOYMENT AS A MEMBER THAT THE MEMBER HAS COMPLETED DURING THAT
YEAR; AND

2.        AS ITS DENOMINATOR, THE NORMAL NUMBER OF HOURS
FOR THE MEMBER'S POSITION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 10-213(a) and (b).

In subsection (b)(3) of this section, the term "employment" is substituted for
the term "service" to reflect that "service" is no longer a defined term.

Defined terms: "Board of Trustees" § 20-101
"Creditable service" § 20-101
"Eligibility service" § 20-101
"Member" § 20-101

SUBTITLE 4. SERVICE RETIREMENT BENEFITS.

28-401. SERVICE RETIREMENT.

(A)     AGE AND SERVICE REQUIREMENT.

(1)      SUBJECT TO PARAGRAPHS (2) AND (3) OF THIS SUBSECTION, A
MEMBER MAY RETIRE WITH A NORMAL SERVICE RETIREMENT ALLOWANCE IF, ON
OR BEFORE THE DATE OF RETIREMENT, THE MEMBER:

(I)       HAS AT LEAST 25 YEARS OF ELIGIBILITY SERVICE;

(II)     IS AT LEAST 62 YEARS OLD; OR

(III)    IS AT LEAST 60 YEARS OLD AND HAS TRANSFERRED TO THE
LOCAL FIRE AND POLICE SYSTEM FROM THE EMPLOYEES' RETIREMENT SYSTEM.

(2)      TO RETIRE UNDER THIS SUBSECTION, A MEMBER SHALL COMPLETE
AND SUBMIT A WRITTEN APPLICATION TO THE BOARD OF TRUSTEES ON THE FORM
THAT THE BOARD OF TRUSTEES PROVIDES STATING THE DATE WHEN THE MEMBER
DESIRES TO RETIRE.

(3)      A MEMBER MAY NOT RETIRE BEFORE THE FIRST DAY OF THE
MONTH AFTER EMPLOYMENT ENDS.

(B)     COMPUTATION OF NORMAL SERVICE RETIREMENT ALLOWANCE — IN
GENERAL.

EXCEPT AS PROVIDED IN SUBSECTIONS (C) AND (D) OF THIS SECTION, ON
RETIREMENT UNDER THIS SECTION, A MEMBER IS ENTITLED TO RECEIVE A
NORMAL SERVICE RETIREMENT ALLOWANCE THAT EQUALS THE NUMBER OF
YEARS OF THE MEMBER'S CREDITABLE SERVICE MULTIPLIED BY:

(1) 1% OF THE MEMBER'S AVERAGE FINAL COMPENSATION THAT IS
NOT IN EXCESS OF THE SOCIAL SECURITY INTEGRATION LEVEL; AND

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