|
Ch. 430 LAWS OF MARYLAND
CONTRIBUTIONS REQUIRED UNDER PARAGRAPH (B) OF THIS SUBSECTION FOR
SERVICE RENDERED BY THE MEMBER FROM JANUARY 1, 1989.
(III) THE CONTRIBUTIONS PICKED UP UNDER
ITEM (II) OF THIS PARAGRAPH SHALL:
1. BE TREATED AS EMPLOYER CONTRIBUTIONS
IN DETERMINING TAX TREATMENT UNDER SECTION 414(H)(2) OF THE
INTERNAL REVENUE CODE, AS AMENDED;
2. BE IMPLEMENTED BY A REDUCTION, EQUAL
TO THE AMOUNT OF THE PICKUP, OF THE COMPENSATION OF EACH MEMBER
REQUIRED TO MAKE CONTRIBUTIONS TO THE ANNUITY SAVINGS FUND UNDER
THIS SUBSECTION AND MAY NOT BE INCLUDED AS GROSS INCOME OF THE
MEMBER UNTIL THE PICKUP AMOUNTS ARE DISTRIBUTED OR MADE AVAILABLE
TO THE MEMBER;
3. BE PAID BY THE STATE OR OTHER APPROVED
EMPLOYER FROM THE SAME SOURCE OF FUNDS USED IN PAYING
COMPENSATION TO THE MEMBER; AND
4. BE TREATED FOR ALL PURPOSES OF THIS
ARTICLE IN THE SAME MANNER AND TO THE SAME EXTENT AS
CONTRIBUTIONS MADE BY A MEMBER PRIOR TO JANUARY 1, 1989.
140.
In this subtitle the following words have the [meaning]
MEANINGS indicated.
(12) "Accumulated contributions" means the sum of all
[the amounts deducted from the compensation of a member and]
REGULAR CONTRIBUTIONS OF A MEMBER AND PICKUP CONTRIBUTIONS OF A
MEMBER PROVIDED FOR IN § 150(1)(F), THAT ARE credited to his
individual account in the Annuity Savings Fund, together with
regular interest on it, as provided in § 150 of this subtitle.
(13) "Earnable compensation" means the normal monthly
compensation payable to a teacher for working the normal time for
the teacher's position and that is equal to one-twelfth of the
teacher's annual salary rate, INCLUDING THE MONTHLY PICKUP
CONTRIBUTION PROVIDED FOR IN § 150(1)(F) OF THIS ARTICLE.
(22) "REGULAR CONTRIBUTIONS" MEANS THE AMOUNTS
DEDUCTED FROM THE COMPENSATION OF A MEMBER AND CREDITED TO THE
MEMBER'S INDIVIDUAL ACCOUNT IN THE ANNUITY SAVINGS FUND PRIOR TO
JANUARY 1, 1989.
150.
All of the assets of this pension system shall be credited,
according to the purpose for which they are held, to the
following funds:
- 3208 -
|
