Ch. 6

1994 LAWS OF MARYLAND

THE CONTRIBUTION RATE FOR A MEMBER WHO HAS TRANSFERRED FROM
THE EMPLOYEES' RETIREMENT SYSTEM IS 7% OF THE MEMBER'S EARNABLE
COMPENSATION.

REVISOR'S NOTE: This section is new language derived without substantive
change from former Art. 73B, § 10-207(a).

In subsection (a) of this section, the former requirement that "[c]ontributions
... be made on and after the date of establishment" is deleted as unnecessary.
This section sets contribution rates for a "member"; an individual would not
be a member before "establishment" of the governmental unit's participation
in the Local Fire and Police System.

Defined terms: "Earnable compensation" § 20-101
"Employees' Retirement System" § 20-101
"Member" § 20-101
"Taxable wage base" § 20-101

28-205. 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, § 10-207(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

28-206. 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, § 10-208.

The second sentence of former Art. 73B, § 10-208 is deleted as unnecessary in
light of the break in service rules in § 28-303 of this title and the limited
application of the Local Fire and Police System. See § 28-201 of this title.

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