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Session Laws, 1984
Volume 759, Page 863   View pdf image
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retirement allowance. The vested retirement allowance shall be a
deferred allowance that begins at age 62 and shall be computed as
a service retirement allowance as provided under subsection (2)
of this section on the basis of the member's average final
compensation and creditable service at the time his service is

If, on the date of his termination, a member has completed
15 years of eligibility service but has not reached age 55, when
he is 55 years old, he is eligible to receive a vested retirement
allowance, beginning on the first day of the month next
following, in a reduced amount which shall be in accordance with
the provisions of subsection (4) of this section.

If a person who is eligible for a vested retirement
allowance requests the return of his contributions, the amount of
his accumulated contributions shall be returned and, when he is
62 years old or an earlier date as applicable under the preceding
paragraph, he shall receive a benefit equal to the [State
provided] STATE-PROVIDED part of his vested retirement allowance.

Upon receipt of proper proof of the death of the person who
is eligible for a vested retirement allowance and dies prior to
his or her effective retirement date, the amount of that person's
accumulated contributions shall be paid to the beneficiary the
person has nominated by written designation duly executed and
filed with the board of trustees, or if there be no designated
beneficiary, then to the person's estate.


(6)  The board of trustees, under rules that apply to all
teachers similarly situated, may grant creditable service for any
period during which a teacher is on an approved leave of absence
that is included in his eligibility service under § [143(5)]
143(4) of this subtitle.

(7)  Any creditable service to which a member restored to
service was entitled at the time of his previous termination of
service that is included in the eligibility service restored
under § [143(6)] 143(5) of this subtitle shall be restored to
him provided he repays the amount of any accumulated
contributions or any lump sum settlement received on his prior
termination of service, with interest at a rate to be established
from time to time by the board of trustees. However, that member
may waive the repayment of the accumulated contributions, in
which case, on retirement, any service retirement allowance or
any ordinary disability retirement allowance payable to the
member shall be reduced by the actuarial equivalent of the
contributions that he had not repaid, with interest to date of

Article 74 - Pilots



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Session Laws, 1984
Volume 759, Page 863   View pdf image
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