WILLIAM DONALD SCHAEFER, Governor                               Ch. 6

22-212. TRANSFER OF MEMBERSHIP.

(A)     TERMINATION OF MEMBERSHIP ON TRANSFER.

(1)      AN INDIVIDUAL WHO IS A MEMBER OF THE EMPLOYEES'
RETIREMENT SYSTEM OR THE TEACHERS' RETIREMENT SYSTEM ON DECEMBER 31,
1979, CONTINUES TO BE A MEMBER IN THAT SYSTEM UNLESS THE INDIVIDUAL
TRANSFERS MEMBERSHIP TO THE:

(I)       EMPLOYEES' PENSION SYSTEM, IF THE INDIVIDUAL' IS A
MEMBER OF THE EMPLOYEES' RETIREMENT SYSTEM; OR

(II)     TEACHERS' PENSION SYSTEM, IF THE INDIVIDUAL IS A
MEMBER OF THE TEACHERS' RETIREMENT SYSTEM.

(2)      TO TRANSFER, AN INDIVIDUAL SHALL FILE WITH THE BOARD OF
TRUSTEES, ON THE FORM THE BOARD OF TRUSTEES REQUIRES, AN EXECUTED
WAIVER OF ANY BENEFITS TO WHICH THE INDIVIDUAL MIGHT BE ENTITLED UNDER
THE RETIREMENT SYSTEM IN WHICH THE INDIVIDUAL IS A MEMBER.

(3)      A TRANSFER MAY ONLY TAKE EFFECT ON THE FIRST DAY OF A

MONTH.

(B)     TRANSFER OF MEMBER CONTRIBUTIONS.

(1)      THIS SUBSECTION DOES NOT APPLY TO A MEMBER'S EMPLOYER
PICKUP CONTRIBUTIONS.

(2)      A MEMBER WHO TRANSFERS TO A PENSION SYSTEM UNDER
SUBSECTION (A) OF THIS SECTION IS ELIGIBLE TO RECEIVE WITHIN 90 DAYS AFTER
THE DATE OF TRANSFER A REFUND OF THE MEMBER CONTRIBUTIONS DESCRIBED
IN PARAGRAPH (3) OF THIS SUBSECTION, PLUS INTEREST COMPUTED AS PROVIDED
IN PARAGRAPH (5) OF THIS SUBSECTION, UNLESS THE MEMBER ELECTS TO HAVE
ANY PART OF THE MEMBER CONTRIBUTIONS DESCRIBED IN PARAGRAPH (3) OF THIS
SUBSECTION TRANSFERRED AS ADDITIONAL CONTRIBUTIONS TO THE ANNUITY
SAVINGS FUND OF THE PENSION SYSTEM TO WHICH THE MEMBER IS
TRANSFERRING.

(3)      THE AMOUNT TO BE REFUNDED UNDER THIS SUBSECTION IS THE
AMOUNT OBTAINED BY MULTIPLYING THE TOTAL OF THE MEMBER
CONTRIBUTIONS ATTRIBUTED TO THAT MEMBER BY A FRACTION NOT EXCEEDING
1, THAT HAS:

(I)       AS ITS NUMERATOR, THE MEMBER'S AVERAGE TAXABLE
WAGE BASE FOR THE 3 CALENDAR YEARS IMMEDIATELY PRECEDING THE
CALENDAR YEAR OF TRANSFER; AND

(II)     AS ITS DENOMINATOR, THE AVERAGE OF THE MEMBER'S
ANNUAL EARNABLE COMPENSATION AS OF THE END OF THE PRECEDING 3 FISCAL
YEARS.

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