WILLIAM DONALD SCHAEFER, Governor                               Ch. 6

EXCEPT AS PROVIDED IN SUBSECTION (B) OF THIS SECTION, A MEMBER'S
CONTRIBUTION RATE IS 6% OF THE MEMBER'S EARNABLE COMPENSATION.

(B) EXCEPTION.

AFTER 16 YEARS OF SERVICE AS A MEMBER, A MEMBER DOES NOT MAKE ANY
FURTHER CONTRIBUTIONS.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 9-105(b).

In subsection (a) of this section, the phrase "[e]xcept as provided in subsection
(b) of this section" is added for clarity.

Also in subsection (a) of this section, the reference to "a member" is
substituted for the former reference to "[e]ach judge covered by the plan" to
reflect that "judge" is no longer a defined term and that all members of the
Judges' Retirement System are now in the contributory "plan".

Also in subsection (a) of this section, the former reference to a "deduction]
from the judge's compensation each pay period" is deleted as unnecessary in
light of § 21-313(c) of this article and to conform to other provisions on
member contributions in this Division II.

Defined terms: "Earnable compensation" § 20-101
"Member" § 20-101

27-203. 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, § 9-105(e) and the first sentence of (f), as they
related to the payment of regular interest on contributions.

The references to interest "compound[ing] annually" and "until retirement or
withdrawal of the accumulated contributions" are added to reflect
long-standing administrative practice and to conform to other provisions on
regular interest in this Division II.

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

27-204. TERMINATION OF RIGHTS IN SYSTEM.

A FORMER MEMBER WHO WITHDRAWS ACCUMULATED CONTRIBUTIONS DOES
NOT HAVE FURTHER RIGHTS UNDER THE JUDGES' RETIREMENT SYSTEM.

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