WILLIAM DONALD SCHAEFER, Governor

Ch. 6

(3)      FOR A MEMBER WHOSE MEMBERSHIP STARTED ON OR AFTER JULY
1, 1973, THE CONTRIBUTION RATE IS 5% OF A MEMBER'S EARNABLE COMPENSATION.

(4)      FOR A MEMBER WHO ELECTS UNDER § 22-308(B)(2) OF THIS TITLE TO
RECEIVE FULL-TIME SERVICE CREDIT FOR REGULAR PART-TIME EMPLOYMENT,
THE CONTRIBUTION RATE IS 5% OF THE COMPENSATION THE MEMBER WOULD
HAVE EARNED HAD THE MEMBER BEEN A FULL-TIME EMPLOYEE.

(C) MEMBERS SUBJECT TO SELECTION C (COMBINATION FORMULA).

(1)      THIS SUBSECTION APPLIES TO A MEMBER WHO IS SUBJECT TO
SELECTION C (COMBINATION FORMULA).

(2)      A MEMBER'S CONTRIBUTION RATE IS 5% OF THE PART OF THE
MEMBER'S EARNABLE COMPENSATION THAT EXCEEDS THE TAXABLE WAGE BASE
FOR EACH YEAR.

REVISOR'S NOTE: Subsections (a)(1), (b)(1), and (c)(1) of this section are new
language added to clarify applicability.

Subsections (a)(2) through (4), (b)(2) through (4), and (c)(2) of this section
are new language derived without substantive change from former Art. 73B,
§§ 2-202(a), 2-414(f), 2-415(f), 2-416(e), 3-202(a), 3-411(f), 3-412(f), and
3-413(e).

Throughout this section, the phrase "[f]or creditable service received from
July 1, 1984", which appeared in former Art. 73B, §§ 2-414(f), 2-415(f),
2-416(e), 3-411(f), 3-412(f), and 3-413(e), is deleted as obsolete.

Defined terms: "Board of Trustees" § 20-101
"Earnable compensation" § 20-101
"Member" § 20-101

"Selection A (Additional member contributions)" § 22-101
"Selection B (Limited cost-of-living adjustment)" § 22-101
"Selection C (Combination formula)" § 22-101
"Taxable wage base" § 20-101

22-215. REGULAR INTEREST.

REGULAR INTEREST IS PAYABLE ON MEMBER CONTRIBUTIONS AT THE RATE
OF 4% A YEAR COMPOUNDED ANNUALLY, UNTIL RETIREMENT OR WITHDRAWAL OF
THE ACCUMULATED CONTRIBUTIONS.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, §§ 2-202(c) and 3-202(c).

Defined terms: "Accumulated contributions" § 20-101
"Member contribution" § 20-101
"Regular interest" § 20-101
"Retirement" § 20-101

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