930 LAWS OF MARYLAND [CH. 565
to those provided in accordance with and in the same manner as that
provided in Section 11(1), (2), (3), (4), (5), and (6), of this
Article, and subject to the conditions hereinafter provided, to make
supplementary payments to any beneficiary, or member who may be
retired from service in the future, in addition to the benefits provided
in Section 8, on the following basis:
Beneficiaries Receiving Supplementary Payments
[See page image for strike-through]
Up to $899.99 INCREASE TO $900
$ 900—$ 999.99 20%
$1000—$1299.99 15%
$1300—$1635.99 10%
$1636—$1799.99 Increase to $1800
provided, however, that the Board of Trustees is hereby authorized
to adopt reasonable rules and regulations to govern the disbursement
of such supplementary payments. Said Board is hereby given the
authority to grant, limit, or eliminate the payment of such supple-
mentary payments, in its discretion and acting under the provisions
of said rules and regulations, for the purpose of providing such bene-
ficiaries with a reasonable standard of living after retirement, and
limiting or eliminating such supplementary payments whenever the
Board finds said payments to be unnecessary to maintain such a
standard of living, [which] Such rules and regulations shall include,
but need not be limited to the following factors: (1) no beneficiary
shall be entitled to receive any such supplementary payments unless
his total creditable service equals at least five years, with an average
of a minimum of 2080 1820 hours of work per year, excluding for the
purposes of such computation the use of any earned annual vacation
leave, sick leave, or authorized leave of absence without pay; (2)
every beneficiary who shall [receive] apply for such supplementary
payment shall first submit a statement, under oath, giving full in-
formation regarding other sources of income received by or available
to said beneficiary, including investment income, compensation from
employment of any kind, and other retirement income, including
benefits from all other retirement or pension systems, social security
benefits, and similar sources; and (3) that the total retirement allow-
ance to the beneficiary and not the actuarial equivalent in the form
of any option chosen shall be used as the basis for the, determination
of the supplementary payment, provided, however, that no beneficiary
will receive a total retirement allowance, together with the supple-
mentary payment which he received from the State of Maryland, but
not including any additional benefits which he received from any
political sub-division thereof, which is less than that received during
the year preceding July 1, [1952] 1955. 1953.
SEC. 2. And be it further enacted, That this Act shall take effect
July 1, 1955.
Approved April 25, 1955.
|
|