104

LAWS OF MARYLAND

Ch. 23

ALLOWANCE AT THE TIME OF HIS RETIREMENT AND HIS AVERAGE
FINAL COMPENSATION.

(15)  ANY MEMBER WHOSE SERVICE IS TERMINATED OTHER THAN
BY DEATH OR RETIREMENT AFTER HE HAS RENDERED 5 OR MORE YEARS
OF ELIGIBILITY SERVICE SHALL BE ELIGIBLE TO RECEIVE A VESTED
RETIREMENT ALLOWANCE. THE VESTED RETIREMENT ALLOWANCE SHALL
BE A DEFERRED ALLOWANCE THAT BEGINS AT AGE 62 AND SHALL BE
COMPUTED AS A SERVICE RETIREMENT ALLOWANCE AS PROVIDED UNDER
SUBSECTION (2) OF THIS SECTION ON THE BASIS OF THE MEMBER'S
AVERAGE FINAL COMPENSATION AND CREDITABLE SERVICE AT THE
TIME HIS SERVICE IS TERMINATED.

IF, ON THE DATE OF HIS TERMINATION, A MEMBER HAS
COMPLETED 15 YEARS OF ELIGIBILITY SERVICE BUT HAS NOT
REACHED AGE 55, WHEN HE IS 55 YEARS OLD, HE IS ELIGIBLE TO
RECEIVE A VESTED RETIREMENT ALLOWANCE, BEGINNING ON THE
FIRST DAY OF THE MONTH NEXT FOLLOWING, IN A REDUCED AMOUNT
WHICH SHALL BE OF EQUIVALENT ACTUARIAL VALUE TO THE DEFERRED
ALLOWANCE THAT BEGINS AT AGE 62.

IF A MEMBER WHO IS ELIGIBLE FOR A VESTED RETIREMENT
ALLOWANCE REQUESTS THE RETURN OF HIS CONTRIBUTIONS, THE
AMOUNT OF HIS ACCUMULATED CONTRIBUTIONS SHALL BE RETURNED
AND, WHEN HE IS 62 YEARS OLD OR AN EARLIER DATE AS
APPLICABLE UNDER THE PRECEDING PARAGRAPH, HE SHALL RECEIVE A
BENEFIT EQUAL TO THE STATE PROVIDED PART OF HIS VESTED
RETIREMENT ALLOWANCE.

IF THE MEMBER DIES BEFORE THE DATE WHEN THE FIRST
PAYMENT OF HIS VESTED RETIREMENT ALLOWANCE NORMALLY BECOMES
DUE, THE AMOUNT OF HIS ACCUMULATED CONTRIBUTIONS SHALL BE
PAYABLE TO HIS PERSONAL REPRESENTATIVE OR TO THE PERSON THE
MEMBER HAS NOMINATED BY WRITTEN DESIGNATION, EXECUTED AND
FILED WITH THE BOARD OF TRUSTEES.

(16)  NOTWITHSTANDING ANY OTHER PROVISION OF THIS
SUBTITLE, ANY RETIRED MEMBER IN THIS PENSION SYSTEM MAY
ELECT TO HAVE THE PREMIUM OR ANY PART OF IT, FOR
STATE-APPROVED MEDICAL INSURANCE FOR RETIRED STATE EMPLOYEES
OR FOR INSURANCE AUTHORIZED BY EMPLOYEES' ORGANIZATIONS,
DUES FOR EMPLOYEES' ORGANIZATIONS, AND PAYMENTS TO THE STATE
EMPLOYEES' CREDIT UNION OF MARYLAND, INC., DEDUCTED FROM HIS
ALLOWANCE BY THIS PENSION SYSTEM AND PAID ON HIS BEHALF TO
THE CARRIER.

(17)  NOTWITHSTANDING ANY OTHER PROVISION OF THIS
SUBTITLE, ANY RETIRED MEMBER OF THIS PENSION SYSTEM MAY
ELECT TO HAVE THE PREMIUM, OR ANY PART OF IT, FOR LOCALLY
APPROVED MEDICAL INSURANCE THAT IS PARTICIPATED IN BY
BALTIMORE CITY OR ANY COUNTY, DEDUCTED FROM HIS ALLOWANCE BY
THIS PENSION SYSTEM AND RETURNED TO THE APPROPRIATE
JURISDICTION FOR PAYMENT ON HIS BEHALF TO THE CARRIER.
HOWEVER, THIS PENSION SYSTEM OR INSTRUMENTALITY IS NOT
OTHERWISE RESPONSIBLE FOR THE PAYMENT OF ANY PART OF THE
PREMIUM FOR THESE MEDICAL INSURANCES APPROVED BY BALTIMORE
CITY OR ANY COUNTY.