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HARRY HUGHES, Governor 2383
Harry Hughes
Governor
Senate Bill No. 581
AN ACT concerning
Pensions - Allowances
FOR the purpose of authorizing the payment of annuities,
pensions, and retirement allowances in methods other than
equal installments under certain circumstances in the State
Employees' and Teachers' Retirement and Pension systems, and
the State Police Retirement System.
BY repealing and reenacting, with amendments,
Article 73B - Pensions
Section 1(16) and (17), 81(16) and (17), 111(15) and (16),
and 140(15) and (16)
Annotated Code of Maryland
(1978 Replacement Volume and 1982 Supplement)
BY repealing and reenacting, with amendments,
Article 88B - State Police
Section 49(16) and (17)
Annotated Code of Maryland
(1979 Replacement Volume and 1982 Supplement)
SECTION 1. BE IT ENACTED BY THE GENERAL ASSEMBLY OF
MARYLAND, That the Laws of Maryland read as follows:
Article 73B - Pensions
1.
The following words and phrases as used in this article,
unless a different meaning is plainly required by the context,
shall have the following meanings:
(16) "Annuity" shall mean payments for life derived
from the accumulated contributions of a member. All annuities
shall be payable in equal monthly installments, EXCEPT WHERE
OTHERWISE AUTHORIZED BY RULE OF THE BOARD OF TRUSTEES AS AN
ACTUARIALLY EQUIVALENT BENEFIT PROVIDED UNDER THE OPTION 4
ALLOWANCE.
(17) "Pension" shall mean payments for life derived
from money provided by the State. All pensions shall be payable
in equal monthly installments, EXCEPT WHERE OTHERWISE AUTHORIZED
BY RULE OF THE BOARD OF TRUSTEES AS AN ACTUARIALLY EQUIVALENT
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