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Session Laws, 1966
Volume 678, Page 867   View pdf image (33K)
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J. MILLARD TAWES, Governor                     867

CHAPTER 509
(Senate Bill 20)

AN ACT to repeal and re-enact with amendments, Section 11 (3)(d),
(3) (e) and (1) of Article 73B of the Annotated Code of Maryland
(1957 Edition and 1965 Supplement), title "Pensions," subtitle
"In General," and to repeal and re-enact, with amendments, Sec-
tion 113 (2)(d) and (2)(e)(l) of Article 77 of the said Code,
title "Public Education," subtitle "Teachers' Certificates, Salaries
and Pensions," subheading "Teachers' Retirement System," amend-
ing the Laws relating to the Employees' Retirement System and
the Teachers' Retirement System to provide for no reduction in
benefits upon retirement prior to age 60 after 35 years of creditable
service.

Section 1. Be it enacted by the General Assembly of Maryland,
That Section 11 (3)(d), (3)(e)(l), and (5) of Article 73B of the
Annotated Code of Maryland (1957 Edition and 1965 Supplement),
title "Pensions," subtitle "In General," be and it is hereby repealed
and re-enacted, with amendments, to read as follows:

11.

(3) (d) Provided, however, that if [at the time of retirement]
the member who has not attained the age of sixty at the time of
retirement has rendered less than thirty-five years of creditable
service,
the pension and additional pension, if any, shall be payable
at retirement and shall be the actuarial equivalent at that time of a
pension and additional pension payable at the age of sixty or at the
age at which thirty-five years of creditable service would have been
rendered had the member continued in service, whichever occurs
first,
in the amounts computed as provided in (b) and (c) above and
(e) (1) below; or such member may elect at the time of retirement to
have his service retirement allowance deferred to commence upon the
attainment of the age of sixty or the age at which thirty-five years of
creditable service would have been rendered had the member con-
tinued in service, whichever occurs first,
in which event the annuity
shall be the actuarial equivalent of his accumulated contributions at
that age, and the pension or pensions under (b) and (c) above and
(e)(1) below shall be in the amounts computed as therein provided.

(e) (1) Notwithstanding anything in this subtitle to the contrary,
if at the time of retirement after June 30, 1962, the retirement
allowance consisting of the annuity resulting from the member's
regular contributions and the pension determined in accordance with
paragraphs (b) and (c) above is less than one seventieth of average
final compensation for each year of creditable service, an additional
pension equal to the difference between such allowance shall be pay-
able; except that as to any such member who contributed on the basis
of retirement at age 65 under the provisions of Section 14 (1) (b),
and as to any elected or appointed official or employee who waived
the payment of such contributions as provided in Section 3 (5) and
9 (7), and any member who elects to discontinue contributions in
accordance with the provisions of Section 14 (l)(b), the additional
pension so provided herein shall be reduced by the actuarial equivalent
of those contributions which he had not paid, with interest to date of

 

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Session Laws, 1966
Volume 678, Page 867   View pdf image (33K)   << PREVIOUS  NEXT >>


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