Ch. 6

1994 LAWS OF MARYLAND

62	WITH	5
63	WITH	4
64	WITH	3
65 OR	MORE WITH	2

(1)      THE MEMBER COMPLETES AND SUBMITS A WRITTEN APPLICATION
TO THE BOARD OF TRUSTEES STATING THE DATE WHEN THE MEMBER DESIRES TO
RETIRE; AND

(2)      ON OR BEFORE THE DATE OF RETIREMENT, THE MEMBER:

(1) HAS AT LEAST 30 YEARS OF ELIGIBILITY SERVICE; OR

(II)' HAS ATTAINED THE AGE AND THE YEARS OF ELIGIBILITY
SERVICE AS FOLLOWS:

AGE

YEARS OF ELIGIBILITY SERVICE

(B) COMPUTATION OF NORMAL SERVICE RETIREMENT ALLOWANCE.

ON RETIREMENT UNDER THIS SECTION, A MEMBER IS ENTITLED TO RECEIVE A
NORMAL SERVICE RETIREMENT ALLOWANCE THAT EQUALS THE NUMBER OF
YEARS OF THE MEMBER'S CREDITABLE SERVICE MULTIPLIED BY:

(1)      0.8% OF THE MEMBER'S AVERAGE FINAL COMPENSATION THAT IS
NOT IN EXCESS OF THE SOCIAL SECURITY INTEGRATION LEVEL; AND

(2)      1.5% OF THE MEMBER'S AVERAGE FINAL COMPENSATION THAT
EXCEEDS THE SOCIAL SECURITY INTEGRATION LEVEL.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, §§ 4-401 and 5-401.

In subsection (a) of this section, the phrase, "with a normal service retirement
allowance", is added to distinguish this type of retirement allowance from
other types of retirement allowances. Correspondingly, in subsection (b) of
this section, the word "normal" is added to modify "service retirement
allowance".

Defined terms: "Average final compensation" § 20-101
"Board of Trustees" § 20-101
"Creditable service" § 20-101
"Eligibility service" § 20-101
"Member" § 20-101
"Retirement" § 20-101
"Retirement allowance" § 20-101
"Social security integration level" § 20-101

23-402. EARLY SERVICE RETIREMENT.

(A) AGE AND SERVICE REQUIREMENTS.

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