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LAWS OF MARYLAND

Ch. 22

RETIREMENT FOR SERVICE A MEMBER SHALL RECEIVE A SERVICE
RETIREMENT ALLOWANCE WHICH SHALL BE COMPUTED AS:

(A)  ONE FIFTY-FIFTH OF HIS AVERAGE FINAL COMPENSATION
MULTIPLIED BY THE NUMBER OF YEARS OF HIS CREDITABLE SERVICE.

(B)   PROVIDED, HOWEVER, THAT IF THE MEMBER WHO HAS NOT
ATTAINED THE AGE OF 60 AT THE TIME OF RETIREMENT HAS
RENDERED LESS THAN 30 YEARS OF CREDITABLE SERVICE, THE
SERVICE RETIREMENT ALLOWANCE PAYABLE AT RETIREMENT SHALL BE
REDUCED BY 0.5 PERCENT FOR EACH MONTH BY WHICH HIS DATE OF
RETIREMENT PRECEDES THE EARLIER OF (I) THE DATE HE WOULD
HAVE ATTAINED AGE 60 OR (II) THE DATE HE WOULD HAVE
COMPLETED 30 YEARS OF CREDITABLE SERVICE HAD HE CONTINUED IN
SERVICE.

(C)  PROVIDED THAT IN THE CASE OF ANY MEMBER WHO HAS
ELECTED TO DISCONTINUE CONTRIBUTIONS IN ACCORDANCE WITH THE
PROVISIONS OF §89(1)(B) OF THIS SUBTITLE, THE SERVICE
RETIREMENT ALLOWANCE SHALL BE REDUCED BY THE ACTUARIAL
EQUIVALENT OF THOSE CONTRIBUTIONS WHICH HE HAS NOT PAID,
WITH INTEREST TO DATE OF RETIREMENT.

(D)   (1) NOTWITHSTANDING ANYTHING IN THIS SUBTITLE TO
THE CONTRARY, IF THE ANNUITY RESULTING FROM THE MEMBER'S
REGULAR CONTRIBUTIONS IS LESS THAN ONE HALF OF THE
RETIREMENT ALLOWANCE FOR MEMBERSHIP SERVICE DETERMINED UNDER
PARAGRAPHS (A) AND (B) OF THIS SUBSECTION , THE DIFFERENCE,
REFERRED TO HEREINAFTER AS THE "ADDITIONAL PENSION," SHALL
BE PAYABLE AS PROVIDED UNDER PARAGRAPH (D) (3) OF THIS
SUBSECTION; EXCEPT THAT SUCH ADDITIONAL PENSION SHALL BE
REDUCED BY THE AMOUNT, IF ANY, DETERMINED UNDER PARAGRAPH
(C) OF THIS SUBSECTION.

(2)   THE ANNUITY PROVIDED AS A RESULT OF VOLUNTARY
CONTRIBUTIONS PERMITTED UNDER THIS SUBTITLE AND ITS
AMENDMENTS SHALL BE PAYABLE AND SHALL NOT BE USED IN
DETERMINING THE ADDITIONAL PENSION, IF ANY, DETERMINED UNDER
THIS SUBDIVISION.

(3)  THE PAYMENT OF THE ADDITIONAL PENSIONS DETERMINED
SHALL BE PROVIDED FOR IN THE BUDGET BILL SUBMITTED TO THE
GENERAL ASSEMBLY BY THE GOVERNOR AND ON RECEIPT OF THE
WARRANT OF THE COMPTROLLER, ANNUAL PAYMENTS SHALL BE HADE BY
THE TREASURER OF THE STATE OF MARYLAND TO THE AFORESAID
RETIREMENT SYSTEM OF THE AMOUNTS REQUIRED TO MEET THE
CURRENT DISBURSEMENTS FOR SUCH ADDITIONAL PENSIONS.

(4)   EFFECTIVE JULY 1, 1973, THE PROVISIONS OF THIS
SUBSECTION SHALL APPLY TO MEMBERS WHO RETIRED PRIOR TO JULY
1, 1973.

(3) DISABILITY RETIREMENT BENEFIT. —UPON THE
APPLICATION OF A MEMBER OR OF HIS STATE OR COUNTY
SUPERINTENDENT OF SCHOOLS, ANY MEMBER WHO HAS HAD FIVE OR
MORE YEARS OF CREDITABLE SERVICE MAY BE RETIRED BY THE BOARD
OF TRUSTEES ON A DISABILITY RETIREMENT ALLOWANCE, PROVIDED
THAT THE MEDICAL BOARD, AFTER A MEDICAL EXAMINATION OF SUCH