WILLIAM DONALD SCHAEFER, Governor Ch. 580

(F)  (1) EXCEPT AS PROVIDED IN PARAGRAPH (2) OF THIS
SUBSECTION, ANY MEMBER WHOSE SERVICE IS TERMINATED OTHER THAN BY
DEATH OR RETIREMENT AFTER THE MEMBER HAS RENDERED 5 OR MORE YEARS
OF CREDITABLE SERVICE SHALL BE ELIGIBLE TO RECEIVE A VESTED
RETIREMENT ALLOWANCE. THE VESTED RETIREMENT ALLOWANCE SHALL BE A
DEFERRED RETIREMENT ALLOWANCE THAT BEGINS AT AGE 62 AND SHALL BE
COMPUTED AS A SERVICE RETIREMENT ALLOWANCE AS PROVIDED UNDER
SUBSECTION (C)(1) OF THIS SECTION ON THE BASIS OF THE MEMBER'S
AVERAGE FINAL COMPENSATION AND CREDITABLE SERVICE AT THE TIME THE
MEMBER'S SERVICE IS TERMINATED.

(2)  ANY MEMBER WHO HAS TRANSFERRED TO THIS PENSION
SYSTEM FROM THE EMPLOYEES' RETIREMENT SYSTEM AND WHOSE SERVICE IS
TERMINATED OTHER THAN BY DEATH OR RETIREMENT AFTER THE MEMBER HAS
RENDERED 5 OR MORE YEARS OF CREDITABLE SERVICE SHALL BE ELIGIBLE
TO RECEIVE A VESTED RETIREMENT ALLOWANCE. THE VESTED RETIREMENT
ALLOWANCE SHALL BE A DEFERRED RETIREMENT ALLOWANCE THAT BEGINS AT
AGE 60 AND SHALL BE COMPUTED AS A SERVICE RETIREMENT ALLOWANCE AS
PROVIDED UNDER SUBSECTION (C)(2) OF THIS SECTION ON THE BASIS OF
THE MEMBER'S AVERAGE FINAL COMPENSATION AND CREDITABLE SERVICE AT
THE TIME THE MEMBER'S SERVICE IS TERMINATED.

(3)  UPON RECEIPT OF PROPER PROOFS OF THE DEATH OF A
PERSON WHO IS ELIGIBLE FOR A VESTED RETIREMENT ALLOWANCE AND DIES
PRIOR TO THE MEMBER'S 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 IS NO
DESIGNATED BENEFICIARY, THEN TO THE PERSON'S ESTATE.

(G)  (1) EACH FISCAL YEAR, EACH RETIRED MEMBER'S ALLOWANCE,
EXCLUSIVE OF ANY ADDITIONAL VOLUNTARY ANNUITY, SHALL BE ADJUSTED
IN ACCORDANCE WITH THE PROVISIONS OF § 118 OF THIS ARTICLE.

(2) EACH FISCAL YEAR, EACH RETIRED MEMBER, WHO
TRANSFERRED TO THIS PENSION SYSTEM FROM THE EMPLOYEES' RETIREMENT
SYSTEM OF THE STATE OF MARYLAND, SHALL HAVE THEIR ALLOWANCE
ADJUSTED IN ACCORDANCE WITH § 11D OF THIS ARTICLE.

(H) INSTEAD OF THE DISABILITY OR SERVICE RETIREMENT
ALLOWANCES PAYABLE UNDER THIS SUBTITLE, A MEMBER, BEFORE THE
FIRST RETIREMENT ALLOWANCE PAYMENT NORMALLY BECOMES DUE, MAY
ELECT A RETIREMENT ALLOWANCE OF EQUIVALENT ACTUARIAL VALUE IN ONE
OF THE OPTIONAL FORMS PROVIDED IN § 117(12) OF THIS ARTICLE.

(I) AN ALLOWANCE SHALL BE REDUCED BY THE AMOUNT OF ANY
WORKMEN'S COMPENSATION BENEFITS PAID OR PAYABLE AFTER THE
EFFECTIVE DATE OF RETIREMENT ON ACCOUNT OF AN ACCIDENTAL PERSONAL
INJURY OR OCCUPATIONAL DISEASE THAT ARISES OUT OF AND IN THE
COURSE OF THE RETIRED MEMBER'S EMPLOYMENT BY THE STATE OR
PARTICIPATING EMPLOYER, IF THE WORKMEN'S COMPENSATION BENEFITS
ARE PAID OR PAYABLE FOR A PERIOD DURING WHICH AN ALLOWANCE IS

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