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Ch. 110 2006 LAWS OF MARYLAND
(B) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A MEMBER
WHO IS SUBJECT TO THE MODIFIED CONTRIBUTORY PENSION BENEFIT UNDER
SUBTITLE 2, PART III OF THIS TITLE MAY PURCHASE CREDIT FOR ELIGIBILITY
SERVICE FOR THE PERIOD OF EMPLOYMENT FROM JULY 1, 2006, THROUGH THE
EFFECTIVE DATE OF ELECTION OF THE MEMBER'S PARTICIPATING EMPLOYER BY
PAYING TO THE BOARD OF TRUSTEES:
(1) ON OR BEFORE JUNE 30, 2007, THE AMOUNT THE MEMBER WOULD
HAVE BEEN REQUIRED TO CONTRIBUTE FOR THAT PERIOD OF EMPLOYMENT; OR
(2) ON OR AFTER JULY 1, 2007, THE AMOUNT THE MEMBER WOULD HAVE
BEEN REQUIRED TO CONTRIBUTE FOR THAT PERIOD OF EMPLOYMENT PLUS
REGULAR INTEREST COMPOUNDED ANNUALLY.
(C) IF THE MEMBER FAILS TO MAKE THE PAYMENT AS PROVIDED UNDER
SUBSECTION (B) OF THIS SECTION, THE BOARD OF TRUSTEES SHALL REDUCE
ACTUARIALLY THE ALLOWANCE PAYABLE TO A FORMER MEMBER, RETIREE, OR
SURVIVING BENEFICIARY OF A DECEASED MEMBER FORMER MEMBER OR RETIREE.
23-407.
(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 a vested allowance may accept
employment with a participating employer on a permanent, temporary, or contractual
basis, if:
(1) the individual immediately notifies the Board of Trustees of the
individual's intention to accept this employment; and
(2) the individual specifies the compensation to be received.
(e) (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;
(ii) the individual's current employer is any unit of State
government and the individual's employer at the time of the individual's last
separation from employment with the State before the individual commenced
receiving a service retirement allowance or vested allowance was also a unit of State
government; or
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