184

LAWS OF MARYLAND

Ch. 24

BECOME A MEMBER OF THIS PENSION SYSTEM AGAIN, AND SHALL
CONTRIBUTE IN ACCORDANCE WITH THIS SUBTITLE. ANY CREDITABLE
SERVICE AT THE TIME OF HIS RETIREMENT SHALL BE RESTORED AND,
IN ADDITION, ON HIS SUBSEQUENT RETIREMENT HE SHALL BE
CREDITED WITH ALL HIS SERVICE AS A MEMBER, IF HIS ALLOWANCE
ON THE SUBSEQUENT RETIREMENT DOES NOT EXCEED THE ALLOWANCE
HE WAS RECEIVING BEFORE RESTORATION PLUS THE ALLOWANCE THAT
HAS ACCRUED ON ACCOUNT OF HIS CREDITABLE SERVICE AFTER
RESTORATION. THE PAYMENT OF ALL THESE ALLOWANCES AND THE
CONTINUED PAYMENT OF THESE ALLOWANCES SHALL BE CONTINGENT ON
THE STATE OF MARYLAND PAYING EACH YEAR THE ADDITIONAL AMOUNT
REQUIRED TO MEET THE CURRENT DISBURSEMENTS OF THESE
ALLOWANCES.

(14)  A RETIRED MEMBER MAY ACCEPT TEMPORARY EMPLOYMENT
WITH THE STATE, A PARTICIPATING MUNICIPAL CORPORATION, A
COMMUNITY COLLEGE, OR A PUBLIC SCHOOL SYSTEM IN THE STATE,
WITHOUT REDUCTION IN HIS RETIREMENT ALLOWANCE, IF:

(A)   HE IMMEDIATELY NOTIFIES THE BOARD OF HIS
INTENTION TO ACCEPT THIS EMPLOYMENT;

(B)   HE SPECIFIES THE COMPENSATION HE WILL
RECEIVE;

(C)   THE TEMPORARY EMPLOYMENT IS NOT IN A
REGULARLY ALLOCATED POSITION;

(D)   THE RETIREMENT ALLOWANCE RECEIVABLE BY HIM
CONTINUES WITHOUT OPTIONAL MODIFICATION, PLUS THE AMOUNT OF
THE ANNUAL COMPENSATION FOR THE POSITION DOES NOT EXCEED THE
AVERAGE FINAL COMPENSATION ON WHICH THE RETIREMENT ALLOWANCE
WAS BASED. THE ANNUAL EARNINGS OF THE RETIRED MEMBER SHALL
BE DETERMINED BY THE DIFFERENCE BETWEEN HIS RETIREMENT
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