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2006 LAWS OF MARYLAND
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Ch. 110
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(1) THE FUNDING STATUS OF THE STATE RETIREMENT AND PENSION
SYSTEM, INCLUDING ITS CURRENT UNFUNDED ACCRUED LIABILITY;
(2) THE COMPOSITION OF THE SEVERAL SYSTEMS, INCLUDING:
(I) THE NUMBER OF ACTIVE MEMBERS, RETIREES, DISABILITY
RETIREES, AND BENEFICIARIES OF ALL RETIREES;
(II) THE AVERAGE ANNUAL SALARIES OF THE ACTIVE MEMBERS IN
THE VARIOUS PLANS IN THE STATE RETIREMENT AND PENSION SYSTEM;
(III) THE AVERAGE ANNUAL BENEFITS OF THE RETIREES AND
BENEFICIARIES OF THE STATE RETIREMENT AND PENSION SYSTEM; AND
(IV) THE AVERAGE ACE AND YEARS OF SERVICE OF ACTIVE
MEMBERS RETIRING FROM THE VARIOUS PLANS IN THE STATE RETIREMENT AND
PENSION SYSTEM; AND
(3) THE BENEFIT LEVELS PROVIDED BY THE VARIOUS STATE SYSTEMS,
INCLUDING A COMPARISON OF MEMBER CONTRIBUTION RATES AND THE ACCRUAL
RATES:
(C) THE FINDINGS OF THE ACTUARIAL CONSULTING FIRM SHALL BE
SUBMITTED TO THE JOINT COMMITTEE ON PENSIONS ON OR BEFORE DECEMBER
OF THE YEAR OF STUDY, IN ACCORDANCE WITH § 2-1246 OF THE STATE
GOVERNMENT ARTICLE.
22 -406.
(a) In this section, "area of critical shortage" means an academic field
identified by the State Department of Education in accordance with the provisions of
§ 18-703(g)(1) of the Education Article as having projected employment vacancies
that substantially exceed projected qualified graduates.
(b) Except as provided in subsection (m) of this section, an individual who is
receiving a service retirement allowance or vested allowance may accept employment
with a participating employer on a permanent, temporary, or contractual basis, if:
(1) the individual immediately notified the Board of Trustees of the
individual's intention to accept this employment; and
(2) the individual specifies the compensation to be received.
(c) (1) The Board of Trustees shall reduce the allowance of an individual
who accepts employment as provided under subsection (b) of this section if:
(i) the individual's current employer is a participating employer
other than the State and is the same participating employer that employed the
individual at the time of the individual's last separation from employment with a
participating employer before the individual commenced receiving a service
retirement allowance or vested allowance;
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- 674 -
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