24

LAWS OF MARYLAND

Ch. 7

(B) ACCUMULATED CONTRIBUTIONS RETURNED TO THE MEMBER
AS OF THE DATE OF TRANSFER PURSUANT TO SECTION 14(1)(G) OR
SECTION 89(1)(E) OF THIS ARTICLE SHALL BE RETURNED TO THE MEMBER
WITH THE AVERAGE RATE OF INTEREST FOR THE 5 YEARS PRECEDING THE
YEAR OF TRANSFER COMPOUNDED ANNUALLY. THE RATE OF INTEREST FOR
ANY ONE YEAR SHALL BE COMPUTED AS THE SUM OF THE INVESTMENT
INCOME AND THE REALIZED GAINS AND LOSSES DIVIDED BY THE BOOK
VALUE OF THE TOTAL INVESTMENTS.

(6)  A MEMBER WHO IS SUBJECT TO THIS SECTION WHO AT THE TIME
OF RETIREMENT IS ENTITLED TO MEMBERSHIP SERVICE FOR UNUSED SICK
LEAVE UNDER § 9(6) OF THIS ARTICLE SHALL HAVE THE TOTAL AMOUNT OF
UNUSED SICK LEAVE APPORTIONED IN THE SAME RATIO THAT THE MEMBER'S
CREDITABLE SERVICE IS APPORTIONED FOR CALCULATION OF THE
RETIREMENT ALLOWANCE UNDER SUBSECTION (2) OF THIS SECTION.

(7)  FOR PURPOSES OF COMPUTING A MEMBER'S RETIREMENT
ALLOWANCE:

(A) SERVICE CREDIT RECEIVED BY A MEMBER, OTHER THAN
SINCE THE INDIVIDUAL LAST BECAME A MEMBER, SHALL BE TREATED AS
CREDITABLE SERVICE AS OF THE DATE THE SERVICE WAS RENDERED. THIS
PROVISION DOES NOT APPLY TO SERVICE CREDIT RECEIVED PURSUANT TO
ARTICLE 65, SECTION 88; AND

(B) BENEFITS FOR MILITARY SERVICE CREDIT, RECEIVED BY
A MEMBER PURSUANT TO ARTICLE 65, SECTION 88, SHALL BE DETERMINED
AS OF THE DATE THE BOARD OF TRUSTEES VERIFIES THE CREDIT FOR
MILITARY SERVICE.

(7) (8) EXCEPT AS PROVIDED IN THIS SECTION, RETIREMENT
UNDER THIS SECTION IS SUBJECT TO THE OTHER APPLICABLE PROVISIONS
OF THIS ARTICLE.

11C.

(1)  NOTWITHSTANDING THE PROVISIONS OF THIS ARTICLE, A
MEMBER WHO IS IN SERVICE ON JULY 1, 1984 MAY ELECT TO RECEIVE A
RETIREMENT ALLOWANCE AS PROVIDED IN THIS SECTION.

(2) (A) A MEMBER IN SERVICE ON JULY 1, 1984 WHO WISHES TO
SELECT THE RETIREMENT ALLOWANCE AS PROVIDED IN THIS SECTION SHALL
NOTIFY THE EMPLOYEES' RETIREMENT SYSTEM NOT LATER THAN OCTOBER 1,
1984 JANUARY 1, 1985 OF THE ELECTION ON FORMS PROVIDED BY THE
SYSTEM. A MEMBER NOT IN SERVICE ON JULY 1, 1984 BUT WHO IS
ELIGIBLE TO RETURN TO SERVICE IN THE SYSTEM SHALL HAVE 90 DAYS
FROM THE DATE OF RETURN TO SERVICE TO SELECT THE OPTION PROVIDED
IN THIS SECTION.

(B) THE EXECUTIVE DIRECTOR OF THE STATE RETIREMENT
AGENCY MAY ACCEPT AN ELECTION UNDER THIS SUBSECTION FILED BY A
MEMBER AFTER OCTOBER 1, 1984 JANUARY 1, 1985 OR AFTER THE
EXPIRATION OF 90 DAYS FROM RETURN TO SERVICE UPON RECEIPT OF
SATISFACTORY PROOF OF GOOD CAUSE FOR DELAY. FAILURE TO RECEIVE
NOTICE OR INABILITY TO RESPOND TO NOTICE SHALL CONSTITUTE GOOD
CAUSE.