HARRY HUGHES, Governor

3179

AN ACT concerning

Pensions - Vested Retirement

FOR the purpose of permitting a person who has elected to
receive a vested retirement allowance from a State
retirement or pension system to designate a beneficiary
to receive the person's accumulated contributions in
the event the person dies prior to the effective date
of his or her deferred retirement; and clarifying
language.

BY repealing and reenacting, with amendments,

Article 73B - Pensions

Section 11(16), 86(10), 117(15), and 145(14)

Annotated Code of Maryland

(1978 Replacement Volume and 1981 Supplement)

BY repealing and reenacting, with amendments,

Article 88B - State Police

Section 53(15)

Annotated Code of Maryland

(1979 Replacement Volume and 1981 Supplement)

SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That section(s) of the Annotated Code of Maryland
read(s) as follows:

Article 73B - Pensions

11.

(16) Any member whose service is terminated other than
by death or retirement after he or she has rendered 5 or
more years of creditable service may elect to receive a
vested retirement allowance. 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 shall be a deferred allowance commencing at age
sixty and shall be computed as a service retirement
allowance as provided under paragraph (a) of § 11(3) of this
article on the basis of the member's creditable service and
average final compensation at the time his service is
terminated.

Should the [member] PERSON who has elected a vested
retirement allowance request the return of his OR HER
contributions [or die] prior to [the date when the first
payment of his retirement allowance becomes normally due]