Ch. 353

1996 LAWS OF MARYLAND

1.       0.8 percent of the member's average final compensation that
is not in excess of the social security integration level; and

2.       1.5 percent of the member's average final compensation that
exceeds the social security integration level; and

(ii) If a member has less than 30 years of creditable service and is less
than 62 years old, the member's retirement allowance computed under subparagraph (i)
of this paragraph shall be reduced by the lessor of;

1. 0.5 percent for each month by which the member's day of
retirement precedes the day the member would have been 62 years old; or

2. 42 percent;

(ii) If a member has less than 30 years of creditable service and is less than
62 years old, the member's retirement allowance computed under subparagraph (i) of this
paragraph shall be:

1. Reduced by the lesser of 0.5% for each month by which the
member's date of retirement precedes the date the member would be 62 years old or 42%; and

2. Increased by the lesser of 18% or the amount of the reduction
under sub-subparagraph 1 of this subparagraph;

(7) (10) The Board of Trustees may:

(i) May adopt regulations to carry out this section of this Act; and

(ii) May not accept an application for retirement under this section of
this Act that is filed with the State Retirement Agency after 5:00 p.m. on August 31. 1996.
except as provided under paragraph (2)(i)2 of this section;

(11) A member who retires under this section of this Act may not receive a
basic allowance that exceeds the member's average final compensation;

(8) (12) If Except as provided in paragraphs (13) and (14) of this section of
this Act, if the member dies prior to the effective date of retirement, an application to
retire in accordance with the provisions of this section of this Act shall be void and of no
effect, and the benefits payable on the member's account shall be computed as if the
application had not been filed.;

(13) Notwithstanding any other provision of law, if an employee whose
effective retirement date is delayed under Section 8 or Section 9 of this Act dies before
the effective date of retirement, the employee's designated beneficiary shall have the
option of either receiving the death benefit under Title 29, Subtitle 2 of the State
Personnel and Pensions Article, including, if the designated beneficiary is eligible for an
Option 2 allowance, an Option 2 allowance based on a retirement allowance computed as
provided under this Act, or the retirement benefit based on the retirement allowance
computed as provided under this Act that the designated beneficiary would otherwise be
entitled to receive in accordance with the member's application for retirement; and

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