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ROBERT L. EHRLICH, JR., Governor
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S.B. 520
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(2) THE ANNUAL SALARY OF EACH REHIRED RETIREE AT THE TIME OF
RETIREMENT AND THE CURRENT ANNUAL SALARY OF EACH REHIRED RETIREE;
(3) THE NUMBER OF HEALTH CARE PRACTITIONERS HIRED WHO ARE
NOT RETIREES; AND
(4) THE ANNUAL SALARY OF EACH HEALTH CARE PRACTITIONER WHO
IS HIRED.
23-407.
(a) 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.
(b) (1) The Board of Trustees shall reduce the allowance of an individual
who accepts employment as provided under subsection (a) 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
(iii) the individual becomes reemployed within 12 months of
receiving an early service retirement allowance or an early vested allowance
computed under § 23-402 of this subtitle.
(2) The reduction required under paragraph (1) of this subsection shall
equal:
(i) the amount by which the sum of the individual's initial annual
basic allowance and the individual's annual compensation exceeds the average final
compensation used to compute the basic allowance; or
(ii) for a retiree who retired under the Workforce Reduction Act
(Chapter 353 of the Acts of 1996), the amount by which the sum of the retiree's annual
compensation and the retiree's annual basic allowance at the time of retirement,
including the incentive provided by the Workforce Reduction Act, exceeds the average
final compensation used to compute the basic allowance.
- 3695 -
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