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2007 Laws of Maryland
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Ch. 443
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(iii) the individual becomes reemployed within 12 months of
receiving an early service retirement allowance under § 22-402 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 bv 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 bv the Workforce Reduction Act, exceeds the average
final compensation used to compute the basic allowance.
(3) A reduction of an early service retirement 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 who has been retired for 9 years, beginning on
January 1 after the date the individual retires:
(ii) an individual whose average final compensation was less
than $10.000 and who is reemployed on a temporary or contractual basis;
(iii) 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;
(iv) a retiree of the Teachers' Retirement System:
1. who retired and was reemployed bv a participating
employer other than the State on or before September 30, 1994; and
2. whose employment compensation does not derive, in
whole or in part, from State funds:
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(v) a retiree of the Teachers' Retirement System who:
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