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Session Laws, 1966
Volume 678, Page 554   View pdf image (33K)
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554                                   LAWS OF MARYLAND                          [CH. 281

the attainment of age fifty (50) FIFTY-FIVE (55) may, in lieu of
the withdrawal of his accumulated contributions, elect to receive a
service retirement allowance deferred to commence at age fifty (50)
FIFTY-FIVE (55) and computed on the basis of his years of service
and earnable compensation to the date of his termination.

(c)    Termination BenefitAny such member whose service is
terminated prior to the completion of eight (8) years of service and
who elects (i) to leave his accumulated contributions in the Annuity
Savings Fund and (ii) to make additional contributions equal to the
additional amounts which would have been contributed by him and
on his behalf by the State had he remained in service until the com-
pletion of eight (8) years of service, shall be eligible to receive a
termination retirement allowance deferred to commence at age fifty
(50)
FIFTY-FIVE (55) equal to forty per cent (40%) of his last
annual earnable compensation.

(d)    Spouse's BenefitUpon the death of (i) any retired member
who is in receipt of a retirement allowance, (ii) any retired member
who is eligible to receive a deferred allowance and (iii) any active
member who has completed eight (8) years of service, who leaves a
surviving spouse, with whom he was living as husband or wife on the
date of his death, said spouse shall be entitled to a spouse's allowance
equal to one-half (½) of the service retirement allowance which he
is in receipt of or would have been entitled to receive had he been
eligible to retire at the time of his death.

(e)    Death BenefitUpon the death of any such member in service
and provided that no benefit is payable under the provisions of this
Subsection (13), his accumulated contributions and any additional
amounts he may have contributed under the provisions of Subsection
(13) (c) shall be paid to such person as the member shall have
nominated, otherwise to his estate.

(f)    Return of Accumulated ContributionsUpon the termina-
tion of a member's service in the General Assembly, except by death
or retirement and provided no benefit is payable under the provisions
of this Subsection (13), the amount of his accumulated contribu-
tions shall be returned to him upon his application.

(g)    State ContributionsThe State shall make annual contribu-
tions in accordance with the applicable provision of Section 14 of this
Article, which together with the contributions required of members
covered by Subsection (13) shall be sufficient to fund the benefits
payable under the terms of said Subsection on a sound actuarial basis.

Sec. 2. And be it further enacted, That this Act shall take effect
July 1, 1966.

Approved April 29, 1966.

CHAPTER 282
(Senate Bill 420)

AN ACT to repeal and re-enact, with amendments, Section 6 (a) of
Article 77 of the Annotated Code of Maryland (1965 Replacement

 

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Session Laws, 1966
Volume 678, Page 554   View pdf image (33K)   << PREVIOUS  NEXT >>


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