HARRY HUGHES, Governor

209

FINAL ADJUSTMENTS BEING MADE IN THE YEAR IN WHICH THE MEMBER
RETIRES, FOR PREVIOUS SERVICE TIME ,OR BY TRANSFERRING, UPON
WRITTEN REQUEST TO THE BOARD OF TRUSTEES, AND PRIOR
CONTRIBUTIONS TO A VOLUNTARY RETIREMENT BENEFIT, LESS ANY
COSTS OF ADMINISTERING THAT BENEFIT. ANY MEMBER ELECTING TO
CONTRIBUTE TOWARD THIS SERVICE WHO RETIRES BEFORE COMPLETING
THE PAYMENTS REQUIRED TO PURCHASE THIS SERVICE SHALL RECEIVE
PRO RATA CREDIT FOR SERVICE PURCHASED PRIOR TO THE DATE OF
RETIREMENT, BUT THE MEMBER MAY ELECT AT THE TIME OF
RETIREMENT TO MAKE AN ADDITIONAL LUMP-SUM PAYMENT FOR THE
AMOUNT NECESSARY TO RECEIVE FULL CREDIT. IN THE EVENT A
MEMBER DIES IN ACTIVE SERVICE WHILE PAYING FOR CREDIT, AND
IF THE CREDIT QUALIFIES FOR BENEFITS UNDER THIS SUBTITLE,
THE SURVIVING SPOUSE MAY PAY FOR THE APPROPRIATE FINAL
ADJUSTMENT. OTHERWISE, THE APPROPRIATE FINAL ADJUSTMENT
SHALL BE MADE IN THE YEAR IN WHICH A MEMBER RETIRES, AND
SHALL BE FOR PREVIOUS SERVICE TIME:

(A)	WITH	AN OUT-OF-STATE PUBLIC SCHOOL;
(B)	WITH	THE FEDERAL GOVERNMENT;
(C)	WITH	A NONPUBLIC SCHOOL;
(D)	WITH	ANY MUNICIPAL CORPORATION;
(E)	AS A	POSTSECONDARY TEACHER.

145. BENEFITS.

(1) (A) ANY MEMBER MAY RETIRE ON WRITTEN
APPLICATION TO THE BOARD OF TRUSTEES SETTING FORTH WHEN HE
DESIRES TO BE RETIRED, IF THE MEMBER AT THE TIME SO
SPECIFIED FOR HIS RETIREMENT IS PROVIDING PROVIDED THAT THE
MEMBER AT THE TIME HE SPECIFIES FOR HIS RETIREMENT SHALL
HAVE ATTAINED: (I) 30 YEARS OF CREDITABLE SERVICE, OR (II)
THE AGE AND HAS YEARS OF CREDITABLE SERVICE AS FOLLOWS AND
NOTWITHSTANDING THAT DURING THE PERIOD OF NOTIFICATION HE
MAY HAVE SEPARATED FROM SERVICE:

AGE                              YEARS OF CREDITABLE SERVICE

62     WITH                                        5

63     WITH                                        4

64     WITH                                        3

65 OR MORE WITH                                2

(B) ANY MEMBER IN SERVICE WHO IS 70 YEARS OLD
SHALL BE RETIRED ON THE FIRST DAY OF THE NEXT CALENDAR MONTH
FOLLOWING THE ATTAINMENT OF AGE 70 PROVIDED THAT WITH THE
APPROVAL OF THE STATE BOARD OF EDUCATION OR THE STATE
SUPERINTENDENT OF SCHOOLS HE MAY REMAIN IN SERVICE UNTIL THE
END OF THE SCHOOL YEAR FOLLOWING THE DATE ON WHICH HE
BECOMES 70 YEARS OLD.