|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor . Ch. 618
(i) the State;
(ii) a political subdivision in the State;
(iii) an out-of-state school as a teacher;
(iv) the federal government;
(v) an out-of-state political subdivision; [or]
(vi) a public OR NONPUBLIC school as a teacher; OR
(VII) A POSTSECONDARY SCHOOL AS A TEACHER.
(b) (1) This subsection does not apply to an employee of a participating
governmental unit or a former participating governmental unit that has withdrawn.
(2) In the year of retirement, a member of the Employees' Pension
System may purchase credit for eligibility service for periods of employment with the
State for which the member is not otherwise entitled to service credit in a State
system.
(3) [A] EXCEPT AS PROVIDED IN PARAGRAPH (4) OF THIS SUBSECTION,
A member who purchases service credit under this subsection, may not purchase:
(i) more than a total of 10 years of service credit in the Employees'
Pension System; or
(ii) service credit for any period of employment during which the
member participated in the optional retirement program; OR
(III) MORE THAN A TOTAL OF 5 YEARS OF SERVICE CREDIT IN THE
EMPLOYEES' PENSION SYSTEM FOR EMPLOYMENT AS A POSTSECONDARY SCHOOL
TEACHER.
(4) A MEMBER WHO PURCHASES SERVICE CREDIT UNDER THIS
SUBSECTION FOR EMPLOYMENT AS A POST SECONDARY SCHOOL TEACHER MAY NOT
PURCHASE MORE THAN A TOTAL OF 5 YEARS OF SERVICE CREDIT IN THE
EMPLOYEES' PENSION SYSTEM.
(5) (4) To purchase service credit under this subsection, a member
must:
(i) complete a claim for the service credit and file it with the Board
of Trustees on the form that the Board of Trustees provides; and
(ii) pay to the Board of Trustees an amount equal to one-half of the
annuity reserve and one-half of the pension reserve required to fund the additional
allowance.
[(5) A member may pay the amount required by paragraph (4) of this
subsection on an installment basis by contributing at least 2% of earnable
compensation per year with the appropriate final adjustments being made in the year
the member retires.]
- 2879 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
