HARRY HUGHES, Governor

1785

(C) (1) IF A MEMBER TRANSFERS FROM A RETIREMENT OR
PENSION SYSTEM WHERE ACCUMULATED CONTRIBUTIONS ARE NOT
DEDUCTED ON ALL EARNABLE COMPENSATION TO A RETIREMENT OR
PENSION SYSTEM WHERE ACCUMULATED CONTRIBUTIONS ARE DEDUCTED
ON ALL EARNABLE COMPENSATION, THE MEMBER SHALL RECEIVE
SERVICE CREDIT FOR AND IN THE AMOUNT OF BENEFITS IN THE
SYSTEM TO WHICH THE MEMBER TRANSFERS. UPON RETIREMENT, THE
MEMBER'S RETIREMENT ALLOWANCE SHALL BE REDUCED BY THE
ACTUARIAL EQUIVALENT OF THE ACCUMULATED CONTRIBUTIONS WITH
INTEREST THAT HAVE NOT BEEN DEDUCTED. ANY CLAIM FOR THE
SERVICE CREDIT SHALL BE MADE WITHIN 1 YEAR OF THE DATE OF
ENTRANCE INTO THE SYSTEM TO WHICH THE MEMBER TRANSFERS.
NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE OR THE
LAWS OF ANY POLITICAL SUBDIVISION OF THIS STATE, UPON
VERIFICATION OF THE SERVICE CREDIT, THE SYSTEM FROM WHICH
THE TRANSFER IS MADE MAY NOT PROVIDE ANY BENEFIT FOR THE
SERVICE CREDIT TRANSFERRED. ANY ACCUMULATED CONTRIBUTIONS
TO THE CREDIT OF THE MEMBER IN THE SYSTEM FROM WHICH THE
MEMBER TRANSFERS SHALL BE REFUNDED UPON REQUEST.

(2) WHEN AN EMPLOYEE WHO IS A MEMBER OF A
RETIREMENT OR PENSION SYSTEM OPERATED ON AN ACTUARIAL BASIS
UNDER THE LAWS OF THIS STATE OR THE LAWS OF ANY POLITICAL
SUBDIVISION OF THIS STATE TRANSFERS TO ANOTHER SUCH
RETIREMENT OR PENSION SYSTEM, ALL THE EMPLOYER'S
CONTRIBUTIONS WITH INTEREST ON BEHALF OF THE EMPLOYEE MEMBER
SHALL BE TRANSFERRED. THE AMOUNT TO BE TRANSFERRED SHALL BE
DETERMINED BY ACTUARIAL VALUATION, THE COST OF WHICH SHALL
BE BORNE EQUALLY BY BOTH SYSTEMS.

(D) (1) IF A MEMBER TRANSFERS FROM A RETIREMENT OR
PENSION SYSTEM WHERE ACCUMULATED CONTRIBUTIONS ARE NOT
DEDUCTED ON ALL EARNABLE COMPENSATION TO A RETIREMENT OR
PENSION SYSTEM WHERE ACCUMULATED CONTRIBUTIONS ARE NOT
DEDUCTED ON ALL EARNABLE COMPENSATION, THE MEMBER SHALL
RECEIVE SERVICE CREDIT FOR AND IN THE AMOUNT OF BENEFITS IN
THE SYSTEM TO WHICH THE MEMBER TRANSFERS. ANY CLAIM FOR THE
SERVICE CREDIT SHALL BE MADE WITHIN 1 YEAR OF THE DATE OF
ENTRANCE INTO THE SYSTEM TO WHICH THE MEMBER TRANSFERS.
NOTWITHSTANDING ANY OTHER PROVISION OF THIS ARTICLE OR THE
LAWS OF ANY POLITICAL SUBDIVISION OF THIS STATE, UPON
VERIFICATION OF THE SERVICE CREDIT, THE SYSTEM FROM WHICH
THE TRANSFER IS MADE MAY NOT PROVIDE ANY BENEFIT FOR THE
SERVICE CREDIT TRANSFERRED. ANY ACCUMULATED CONTRIBUTIONS
TO THE CREDIT OF THE MEMBER IN THE SYSTEM FROM WHICH THE
MEMBER TRANSFERS SHALL BE REFUNDED UPON REQUEST.
ACCUMULATED CONTRIBUTIONS APPLICABLE TO THE RECEIPT OF
SERVICE CREDIT OR BENEFITS IN THE SYSTEM TO WHICH THE MEMBER
TRANSFERS MAY NOT BE REFUNDED.

(2) WHEN AN EMPLOYEE WHO IS A MEMBER OF A
RETIREMENT OR PENSION SYSTEM OPERATED ON AN ACTUARIAL BASIS
UNDER THE LAWS OF THIS STATE OR THE LAWS OF ANY POLITICAL
SUBDIVISION OF THIS STATE TRANSFERS TO ANOTHER SUCH
RETIREMENT OR PENSION SYSTEM, ALL THE EMPLOYER'S
CONTRIBUTIONS WITH INTEREST ON BEHALF OF THE EMPLOYEE MEMBER
SHALL BE TRANSFERRED. THE AMOUNT TO BE TRANSFERRED SHALL BE