Ch. 6

1994 LAWS OF MARYLAND

26-205. REGULAR INTEREST.

REGULAR INTEREST IS PAYABLE ON MEMBER CONTRIBUTIONS UNTIL
RETIREMENT OR WITHDRAWAL OF ACCUMULATED CONTRIBUTIONS AT THE RATE
OF:

(1)      4% A YEAR, COMPOUNDED ANNUALLY, FOR A MEMBER WHO HAS
TRANSFERRED FROM THE EMPLOYEES' RETIREMENT SYSTEM; OR

(2)      5% A YEAR, COMPOUNDED ANNUALLY, FOR EACH OTHER MEMBER.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 8-202(c).

The references to the rates being "compounded annually" are added for
conformity with other similar provisions elsewhere in this Division II. See, e.g.,
§ 23-213 of this article.

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

26-206. TERMINATION OF MEMBERSHIP.

MEMBERSHIP ENDS ON SEPARATION FROM EMPLOYMENT.

REVISOR'S NOTE: This section is new language derived without substantive
change from the first sentence of former Art. 73B, § 8-203.

The second sentence of former Art. 73B, § 8-203 is deleted as unnecessary in
light of the break in service rules in § 26-303 of this title and the limited
application of the Natural Resources Pension System. See § 26-201 of this
subtitle.

SUBTITLE 3. SERVICE CREDIT.

26-301. IN GENERAL.

A MEMBER IS ENTITLED TO:

(1)      ELIGIBILITY SERVICE AS PROVIDED IN §§ 26-302 THROUGH 26-307 OF
THIS SUBTITLE; AND

(2)      CREDITABLE SERVICE AS PROVIDED IN § 26-308 OF THIS SUBTITLE.

REVISOR'S NOTE: This section is new language added for clarity.

Defined terms: "Creditable service" § 20-101
"Eligibility service" § 20-101
"Member" § 20-101

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