|
|
|
|
|
|
|
|
|
|
|
|
|
ROBERT L. EHRLICH, JR., Governor Ch. 110
(B) EXCEPT AS PROVIDED IN SUBSECTION (C) OF THIS SECTION, A MEMBER
WHO IS SUBJECT TO THE ALTERNATE CONTRIBUTORY PENSION SELECTION 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.
23-401.
(a) A member may retire with a normal service retirement allowance if:
(1) the member completes and submits a written application to the
Board of Trustees stating the date when the member desires to retire; and
(2) on or before the date of retirement, the member:
(i) has at least 30 years of eligibility service;
(ii) has a combined total of at least 30 years of eligibility service
from the Employees' Pension System, the Teachers' Pension System, the Employees'
Retirement System, or the Teachers' Retirement System; or
(iii) has attained the age and the years of eligibility service as
follows:
Age Years of Eligibility Service
62 with 5
63 with 4
64 with 3
65 or more with 2
(b) Except as provided in [subsections (c) and (d)] SUBSECTIONS (C), (D), AND
(E) of this section, on retirement under this section, a member is entitled to receive a
normal service retirement allowance that equals the number of years of the member's
creditable service multiplied by:
(1) 0.8% of the member's average final compensation that is not in excess
of the Social Security integration level; and
(2) 1.5% of the member's average final compensation that exceeds the
Social Security integration level.
- 689 -
|
|
|
|
|
|
|
|
|
|
|
|
|
|
 |
