Ch. 23

2003 LAWS OF MARYLAND

STATE CONTRIBUTORY LAW ENFORCEMENT OFFICERS' PENSION SYSTEM AND
EARNED ANY PORTION OF THE TRANSFERRED SERVICE CREDIT IN A
NONCONTRIBUTORY SYSTEM AFTER JUNE 30, 2000.

2. UPON RETIREMENT THE INDIVIDUAL'S RETIREMENT
ALLOWANCE SHALL BE REDUCED BY THE ACTUARIAL EQUIVALENT OF THE
ACCUMULATED CONTRIBUTIONS THAT WOULD HAVE BEEN DEDUCTED DURING THE
PERIOD AFTER JUNE 30, 2000, WHEN THE INDIVIDUAL WAS A MEMBER OF THE
NONCONTRIBUTORY SYSTEM, IF THE INDIVIDUAL HAD EARNED THE TRANSFERRED
SERVICE CREDIT UNDER THE STATE CONTRIBUTORY LAW ENFORCEMENT OFFICERS'
PENSION SYSTEM, INCLUDING REGULAR INTEREST ON THOSE CONTRIBUTIONS AT
THE RATE OF 5% PER YEAR COMPOUNDED ANNUALLY.

(c)      (1) An individual may transfer service credit from the State
Contributory Employees' Pension System, THE STATE CONTRIBUTORY LAW
ENFORCEMENT OFFICERS' PENSION SYSTEM, or the State Contributory Teachers'
Pension System to a noncontributory system if, within 1 year after becoming a
member of the noncontributory system, the individual completes a claim for the
service credit and files it with the administrator of the noncontributory system on a
form that the administrator provides.

(2) The State Contributory Employees' Pension System, THE STATE
CONTRIBUTORY LAW ENFORCEMENT OFFICERS' PENSION SYSTEM, or the State
Contributory Teachers' Pension System shall refund the individual's total
accumulated contributions to the individual on request.

(d)     (1) An individual may transfer service credit from the State
Contributory Employees' Pension System, THE STATE CONTRIBUTORY LAW
ENFORCEMENT OFFICERS' PENSION SYSTEM, or the State Contributory Teachers'
Pension System to a contributory system if, within 1 year after becoming a member of
the contributory system, the individual:

(i) completes a claim for the service credit and files it with the
administrator of the contributory system on a form that the administrator provides;
and

(ii) deposits in the annuity savings fund or other corresponding
fund of the contributory system the sum of:

1.       the total accumulated contributions to the individual's
credit in the annuity savings fund of the State Contributory Employees' Pension
System, THE STATE CONTRIBUTORY LAW ENFORCEMENT OFFICERS' PENSION
SYSTEM, or the State Contributory Teachers' Pension System;

2.       the difference, if any, between the member contributions
at the rate provided for in the contributory system, including interest on those
contributions, and the total accumulated contributions to the individual's credit in the
annuity savings fund of the State Contributory Employees' Pension System, THE
STATE CONTRIBUTORY LAW ENFORCEMENT OFFICERS' PENSION SYSTEM, or the
State Contributory Teachers' Pension System; and

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