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ROBERT L. EHRLICH, JR., Governor Ch. 517
(I) HAVE THE POWERS GRANTED TO A POLICE OFFICER UNDER §
7-207 OF THE TRANSPORTATION ARTICLE; AND
(II) TRANSFER TO THE LAW ENFORCEMENT OFFICERS' PENSION
SYSTEM ON OR BEFORE DECEMBER 31, 2005.
(2) THE BOARD OF TRUSTEES SHALL TRANSFER TO THE ACCUMULATION
FUND OF THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM THE EMPLOYER
CONTRIBUTIONS MADE TO THE PENSION SYSTEM UNDER § 7-603 OF THE
TRANSPORTATION ARTICLE ON BEHALF OF THOSE MEMBERS UNDER PARAGRAPH (1)
OF THIS SUBSECTION, PLUS THE INTEREST EARNED ON THOSE CONTRIBUTIONS
THROUGH THE DATE OF TRANSFER.
(D) (1) ON OR BEFORE JANUARY 1, 2006, FOR MEMBERS WHO TRANSFER
FROM THE MARYLAND TRANSIT ADMINISTRATION PENSION SYSTEM ESTABLISHED
UNDER § 7-603 OF THE TRANSPORTATION ARTICLE, THE MARYLAND TRANSIT
ADMINISTRATION SHALL TRANSFER TO THE BOARD OF TRUSTEES THE EMPLOYER
CONTRIBUTIONS MADE TO THE PENSION SYSTEM ESTABLISHED UNDER § 7-603 OF
THE TRANSPORTATION ARTICLE ON BEHALF OF THOSE MEMBERS WHO TRANSFER,
PLUS THE INTEREST EARNED ON THOSE CONTRIBUTIONS THROUGH JULY 1, 2005.
(2) THE BOARD OF TRUSTEES SHALL DEPOSIT ANY FUNDS
TRANSFERRED UNDER PARAGRAPH (1) OF THIS SUBSECTION IN THE ACCUMULATION
FUND OF THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM.
26-203.2.
(A) THIS SECTION APPLIES TO A SWORN MEMBER OF THE MASS MARYLAND
TRANSIT ADMINISTRATION POLICE FORCE WHO:
(1) HAS THE POWERS GRANTED TO A POLICE OFFICER UNDER § 7-207 OF
THE TRANSPORTATION ARTICLE; AND
(2) WHO TRANSFERS TO THE LAW ENFORCEMENT OFFICERS' PENSION
SYSTEM ON OR BEFORE DECEMBER 31, 2005.
(B) A MEMBER MAY TRANSFER THE MEMBER'S ELIGIBILITY SERVICE
RECOGNIZED UNDER THE PENSION SYSTEM UNDER § 7-603 OF THE
TRANSPORTATION ARTICLE TO THE LAW ENFORCEMENT OFFICERS' PENSION
SYSTEM IF, WITHIN 1 YEAR AFTER BECOMING A MEMBER OF THE LAW
ENFORCEMENT OFFICERS' PENSION SYSTEM, THE INDIVIDUAL COMPLETES A CLAIM
FOR THE SERVICE CREDIT AND FILES IT WITH THE BOARD OF TRUSTEES ON A FORM
THAT THE ADMINISTRATOR PROVIDES.
(C) A MEMBER SHALL DEPOSIT CONTRIBUTIONS IN THE ANNUITY SAVINGS
FUND OF THE LAW ENFORCEMENT OFFICERS' PENSION SYSTEM AT THE RATE OF 4%
OF THE INDIVIDUAL'S EARNABLE COMPENSATION WHILE THE INDIVIDUAL IS A
MEMBER OF THE PENSION SYSTEM UNDER § 7-603 OF THE TRANSPORTATION
ARTICLE AFTER JULY 1, 2000, INCLUDING REGULAR INTEREST ON THE
CONTRIBUTIONS AT THE RATE OF 5% PER YEAR COMPOUNDED ANNUALLY.
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