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HARRY HUGHES, Governor
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deferred allowance commencing at age 60 and shall be
computed as a service retirement allowance as provided under
subsection (2)(a) of this section on the basis of the
member's creditable service and average final compensation
at the time his service is terminated.
Should the member who has elected a vested retirement
allowance request the return of his contributions or die
prior to the date when the first payment of his retirement
allowance becomes normally due, the amount of his
accumulated contributions shall be returned and no further
benefit shall be due or become payable on account of his
previous membership.
Article 88B - State Police
53.
(15) [Anything in this Article to the contrary
notwithstanding any] ANY member whose service is terminated
other than by death or retirement after he OR SHE has
rendered [fifteen] 15 or more years of creditable service
may elect to receive a vested retirement allowance [in lieu
of the return of his accumulated contributions]. SUCH A
MEMBER SHALL BE DEEMED TO HAVE ELECTED A VESTED RETIREMENT
ALLOWANCE, UNLESS HE OR SHE REQUESTS THE RETURN OF THE
ACCUMULATED CONTRIBUTIONS WITHIN 2 YEARS OF SUCH
TERMINATION. The vested retirement allowance is a deferred
allowance commencing at age 50 and shall be computed as one
forty-fifth of his average final compensation for each of
the first twenty-five years of creditable service, and one
ninetieth of his average final compensation for each year
after the first twenty-five years of creditable service.
If the member who has elected a vested retirement
allowance requests the return of his or her contributions or
dies prior to the date when the first payment of the
retirement allowance becomes normally due, the amount of the
accumulated contributions shall be returned and no further
benefit shall be due or become payable on account of
previous membership.
SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect June 1, 1980.
Approved May 27, 1980.
CHAPTER 743
(Senate Bill 1011)
AN ACT concerning
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