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Ch. 362
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2000 LAWS OF MARYLAND
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(2) Except as provided in § 37-204 of this subtitle, if an individual
transfers from a noncontributory system to a contributory system, on retirement the
individual's retirement allowance shall be reduced by the actuarial equivalent of the
accumulated contributions that would have been deducted if the individual had
earned the transferred service credit under the new system, including interest on
those contributions.
(3) If an individual retires within 5 years after transferring into a new
system, the benefits payable with respect to the transferred service credit may not be
greater than the benefits that would have been payable by the previous system with
respect to that service if the individual had remained in the previous system.
37-203.1.
(A) (1) AN INDIVIDUAL MAY TRANSFER SERVICE CREDIT FROM A
CONTRIBUTORY SYSTEM TO THE STATE CONTRIBUTORY EMPLOYEES' PENSION
SYSTEM OR THE STATE CONTRIBUTORY TEACHERS' PENSION SYSTEM IF, WITHIN 1
YEAR AFTER BECOMING A MEMBER OF THE PENSION SYSTEM, THE INDIVIDUAL:
(I) COMPLETES A CLAIM FOR THE SERVICE CREDIT AND FILES IT
WITH THE BOARD OF TRUSTEES OF THE STATE RETIREMENT AND PENSION SYSTEM
ON A FORM THAT THE BOARD OF TRUSTEES PROVIDES; AND
(II) DEPOSITS IN THE ANNUITY SAVINGS FUND OF THE
EMPLOYEES' PENSION SYSTEM OR TEACHERS' PENSION SYSTEM MEMBER
CONTRIBUTIONS AT THE RATE OF 2% OF THE INDIVIDUAL'S EARNABLE
COMPENSATION WHILE A MEMBER OF THE CONTRIBUTORY SYSTEM AFTER JUNE 30,
1998, PNCLUDING REGULAR INTEREST ON THE CONTRIBUTIONS AT THE RATE OF 5%
PER YEAR COMPOUNDED ANNUALLY
(2) THE CONTRIBUTORY SYSTEM SHALL REFUND THE INDIVIDUAL'S
ACCUMULATED CONTRIBUTIONS IN EXCESS OF THE AMOUNT DETERMINED UNDER
PARAGRAPH (1) OF THIS SUBSECTION ON REQUEST.
(B) (1) SUBJECT TO PARAGRAPH (2) OF THIS SUBSECTION, AN INDIVIDUAL
MAY TRANSFER SERVICE CREDIT FROM A NONCONTRIBUTORY SYSTEM TO THE
STATE CONTRIBUTORY EMPLOYEES' PENSION SYSTEM OR THE STATE
CONTRIBUTORY TEACHERS' PENSION SYSTEM IF, WITHIN 1 YEAR AFTER BECOMING A
MEMBER OF THE PENSION SYSTEM, THE INDIVIDUAL COMPLETES A CLAIM FOR THE
SERVICE CREDIT AND FILES IT WITH THE BOARD OF TRUSTEES FOR THE STATE
RETIREMENT AND PENSION SYSTEM ON A FORM THAT THE BOARD OF TRUSTEE
PROVIDES.
(2) THE NONCONTRIBUTORY SYSTEM MAY NOT REFUND THE
INDIVIDUAL'S ACCUMULATED CONTRIBUTIONS.
(3) (I) THIS PARAGRAPH APPLIES ONLY TO AN INDIVIDUAL WHO
EARNED ANY PORTION OF THE TRANSFERRED SERVICE CREDIT IN A
NONCONTRIBUTORY SYSTEM AFTER JUNE 30, 1998.
(II) ON RETIREMENT FROM THE STATE CONTRIBUTORY
EMPLOYEES' PENSION SYSTEM OR THE STATE CONTRIBUTORY TEACHERS' PENSION
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- 2064 -
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