Ch. 6

1994 LAWS OF MARYLAND

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

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

(2)      A VESTED FORMER MEMBER WHO ELECTS TO TRANSFER VESTED
RIGHTS TO THE APPROPRIATE PENSION SYSTEM SHALL FILE WITH THE BOARD OF
TRUSTEES, ON THE FORM THE BOARD OF TRUSTEES REQUIRES, AN EXECUTED
WAIVER OF ANY BENEFITS TO WHICH THE FORMER MEMBER MIGHT BE ENTITLED
UNDER THE RETIREMENT SYSTEM FROM WHICH THE VESTED RIGHTS ARE BEING
TRANSFERRED.

(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 FORMER MEMBER'S
EMPLOYER PICKUP CONTRIBUTIONS.                                 

(2)      A FORMER MEMBER WHO TRANSFERS VESTED RIGHTS 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
REGULAR INTEREST, UNLESS THE FORMER 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 FORMER MEMBER IS TRANSFERRING THE
VESTED RIGHTS.

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

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

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

(4)      THE BOARD OF TRUSTEES SHALL TRANSFER FOR THE FORMER
MEMBER'S BENEFIT THE BALANCE, IF ANY, OF THE MEMBER CONTRIBUTIONS PLUS
REGULAR INTEREST TO THE ANNUITY SAVINGS FUND OF THE PENSION SYSTEM TO
WHICH THE FORMER MEMBER IS TRANSFERRING THE VESTED RIGHTS.

(C)     TRANSFER OF EMPLOYER PICKUP CONTRIBUTIONS.

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