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Session Laws, 1973
Volume 709, Page 1010   View pdf image
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1010                                      LAWS OF MARYLAND Ch. 460

(c)  Which is computed pro rata on the basis of the following condensed table:

Beneficiary Receiving

Under Sec. 195 of                  Length of         Supplementary

Teachers' Retirement  Law Service               Payments

$ 900                           25 years                $1100

1200                           25 years                  900

1500                           25 years                  825

1800                           25 years                  750

2100                           25 years                  675

2400                           25 years                  600

2700                           25 years                  525

3000                           25 years                  450

3300                           25 years                  375

3600                           25 years                  300

3900                           25 years                  225

4200                           25 years                   150

4500                           25 years                    75

4800                           25 years                      0 and

(d)  Which pro rata computation is made  by the use of the following formula:

$4800 - b                 c.s

--------------              x             --------

4                                      25

in which formula "b" represents "benefits provided by § 195" and "c.s."
represents "years of creditable service," and

(e) Provided that the retirement allowance used in calculating the supplementary
payment shall be the total benefits provided in § 195 of this article except that it
shall not be based on any optional benefit chosen by the beneficiary and

(f) Provided that such beneficiary, excepting any person who may be retired for
reasons of disability, who is eligible to receive benefits from the federal old age and
survivors' insurance system shall have any supplemental payment for which said
beneficiary is eligible, under this subtitle, reduced by an amount equal to the
benefit the beneficiary is entitled to receive from the federal old age and survivors'
system. Such reduction, however, shall not be greater than the total amount of the
supplemental payment for which said beneficiary is eligible.

(g) Provided that in the case of any person who has retired as a member of any
local retirement or pension system operated by any particular city or county of this
State for teachers to which system the State's contributions for benefits is paid
pursuant to the provisions of § 198(6) (a) of this article, the supplementary
payments authorized by the provisions of this section shall be paid to the treasurer
of the particular city or county operating such local retirement or pension system;
provided, further that the total retirement benefits, including any and all
supplementations thereto, paid or distributed by any such local retirement or
pension system shall not be less than is provided in this article for any person with
similar service and wage records; and provided, further, that nothing contained in
this subsection shall operate to reduce the total retirement benefit or benefits,
including any such supplementations thereto, being paid as of June 30, 1962, to
any retired individual; and provided, further, that the total payments made by the
State under the provisions of this subsection to the treasurer of any particular city
or county operating any such local retirement or pension system shall be used only
for the purpose of making payment to retired individuals and shall not be used for
any other purpose.

 

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Session Laws, 1973
Volume 709, Page 1010   View pdf image
 Jump to  
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