WILLIAM DONALD SCHAEFER, Governor

Ch. 6

A MEMBER MAY RETIRE WITH AN EARLY SERVICE RETIREMENT ALLOWANCE
IF:

(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:

(I)       HAS AT LEAST 15 YEARS BUT LESS THAN 30 YEARS OF
ELIGIBILITY SERVICE; AND

(II)     IS AT LEAST 55 BUT LESS THAN 62 YEARS OLD.

(B) COMPUTATION OF EARLY SERVICE RETIREMENT ALLOWANCE.

ON RETIREMENT UNDER THIS SECTION, A MEMBER IS ENTITLED TO RECEIVE
AN EARLY SERVICE RETIREMENT ALLOWANCE THAT EQUALS THE NORMAL
SERVICE RETIREMENT ALLOWANCE UNDER § 23-401 OF THIS SUBTITLE, REDUCED BY
0.5% FOR EACH MONTH THAT THE MEMBER'S EARLY RETIREMENT DATE PRECEDES
THE DATE THE MEMBER WILL BE 62 YEARS OLD.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, §§ 4-402 and 5-402.

In subsections (a) and (b) of this section, the references to an "early service
retirement allowance" are substituted for the former references to a
"reduced" allowance to distinguish this allowance from a "normal service
retirement allowance" on the basis of its timing.

In subsection (b) of this section, the former phrase, "on the basis of the
member's average final compensation and creditable service at the time of
early retirement", is deleted as surplusage.

Defined terms: "Board of Trustees" § 20-101
"Eligibility service" § 20-101
"Member" § 20-101
"Retirement" § 20-101
"Retirement allowance" § 20-101

23-403. RETIREMENT AFTER TERMINATION OF MEMBERSHIP.

(A) SCOPE OF SECTION.

THIS SECTION APPLIES TO A FORMER MEMBER WHO:

(1)      WAS ELIGIBLE FOR A RETIREMENT ALLOWANCE UNDER § 23-401 OR
§ 23-402 OF THIS SUBTITLE WHEN THE FORMER MEMBER'S MEMBERSHIP
TERMINATED;

(2)      DID NOT SUBMIT A WRITTEN APPLICATION UNDER § 23-401 OR §
23-402 OF THIS SUBTITLE BEFORE MEMBERSHIP TERMINATED; AND

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