214

LAWS OF MARYLAND

Ch. 24

OPTION 4. SOME OTHER BENEFIT SHALL BE PAID EITHER TO
THE MEMBER OR TO THE PERSON HE HAS NOMINATED, PROVIDED THE
OTHER BENEFIT TOGETHER WITH THE REDUCED RETIREMENT
ALLOWANCE, IS CERTIFIED BY THE ACTUARY TO BE OF EQUIVALENT
ACTUARIAL VALUE TO HIS RETIREMENT ALLOWANCE, AND IS APPROVED
BY THE BOARD OF TRUSTEES.

(B) IF A RETIRED MEMBER ELECTS TO CHANGE HIS
BENEFICIARY, THE ALLOWANCE FOR A SUBSEQUENT ELECTION SHALL
BE COMPUTED ON THE VALUE OF THE BALANCE IN HIS RESERVES AT
THE TIME THE CHANGE IN BENEFICIARY IS MADE.

(13)  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 THIS RETIREMENT ALLOWANCE, IF:

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

(B)   HE SPECIFIES THE COMPENSATION TO BE
RECEIVED FOR IT;

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

(D)   THE RETIREMENT ALLOWANCE RECEIVABLE BY HIM
COMPUTED WITHOUT OPTIONAL MODIFICATION, PLUS THE ANNUAL
COMPENSATION FOR THE POSITION, DOES NOT EXCEED IN AMOUNT 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.

(14)  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, THE MEMBER HAS
COMPLETED 15 YEARS OF ELIGIBILITY SERVICE BUT HAS NOT
REACHED AGE 55, WHEN HE BECOMES 55 YEARS OLD, HE SHALL BE
ELIGIBLE TO RECEIVE A VESTED RETIREMENT ALLOWANCE, THAT
BEGINS 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