1994 LAWS OF MARYLAND

"REGULAR INTEREST" MEANS INTEREST AT THE RATE PAYABLE ON
ACCUMULATED CONTRIBUTIONS AS PROVIDED UNDER THIS DIVISION II FOR EACH
STATE SYSTEM.

REVISOR'S NOTE: This section is new language derived without substantive
change from parts of former Art. 73B, §§ 2-101(g), 3-101(g), 4-101(h),
5-101(g), 6-101(h), and 7-101(e) as those sections related to the
nonsubstantive definition of "regular interest".

The substantive parts of the former definitions that related to the rate of
interest or provided a cross-reference to the section stating the rate of interest
have been transferred to a separate substantive provision for each State
system.

The phrase "interest ... payable on accumulated contributions" is substituted
for "interest credited to a member's individual account in the annuity savings
fund" or "for the annuity savings fund" for clarity and accuracy.

Defined terms: "Accumulated contributions" § 20-101                     

"State system" § 20-101

(JJ) RETIREE.                                                                                         

"RETIREE" MEANS AN INDIVIDUAL WHO:

(1)      HAS SEPARATED FROM EMPLOYMENT WITH A PARTICIPATING
EMPLOYER; AND                                                                                               

(2) RECEIVES A RETIREMENT ALLOWANCE UNDER THIS DIVISION II.
REVISOR'S NOTE: This subsection formerly was Art. 73B, § 1-101(r).

The only changes are in style.                                       

Defined terms: "Participating employer" § 20-101
"Retirement allowance" § 20-101

(KK) RETIREMENT.

"RETIREMENT" MEANS THE GRANT OF A RETIREMENT ALLOWANCE UNDER
THIS DIVISION II AFTER SEPARATION FROM EMPLOYMENT WITH A PARTICIPATING
EMPLOYER.

REVISOR'S NOTE: This subsection is new language derived without substantive
change from former Art. 73B, § 1-101(s).

The definition has been changed to place emphasis on the event that signifies
retirement. Retirement does not occur until the granting of a retirement
allowance which can be any time after separation from employment if an
individual is eligible to receive a retirement allowance at the time of
separation.

Defined terms: "Participating employer" § 20-101
"Retirement allowance" § 20-101

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Ch. 6